UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
Certified Shareholder Report of
Registered Management Investment Companies
Investment Company Act File Number: 811-23633
Capital Group Central Fund Series II
(Exact Name of Registrant as Specified in Charter)
6455 Irvine Center Drive
Irvine, California 92618
(Address of Principal Executive Offices)
Registrant's telephone number, including area code: (949) 975-5000
Date of fiscal year end: May 31
Date of reporting period: November 30, 2021
Brian C. Janssen
Capital Group Central Fund Series II
6455 Irvine Center Drive
Irvine, California 92618
(Name and Address of Agent for Service)
ITEM 1 – Reports to Stockholders
|
Capital Group
Semi-annual report |
 |
A research-driven
fund seeking total
return with an eye
toward risk
Capital Group Central Corporate Bond Fund seeks to provide maximum total return consistent with capital preservation and prudent risk management.
Shares of the fund are restricted securities and cannot be transferred or resold without registration under the Securities Act of 1933, as amended (“1933 Act”), or an exemption from registration under the 1933 Act. This report does not constitute an offer to sell, or the solicitation of an offer to buy, any shares of the fund.
This fund is one of more than 40 offered by Capital Group, home of American Funds, one of the nation’s largest mutual fund families. For 90 years, Capital Group has invested with a long-term focus based on thorough research and attention to risk.
Fund results shown in this report, unless otherwise indicated, are past results for Class M shares and are not predictive of results in future periods. Current and future results may be lower or higher than those shown. Share prices and returns will vary, so investors may lose money. Investing for short periods makes losses more likely. For current information and month-end results, visit capitalgroup.com.
You could lose money by investing in the fund. Because the share price of the fund will fluctuate, when you sell your shares they may be worth more or less than what you originally paid for them. The fund may impose a fee upon sale of your shares or may temporarily suspend your ability to sell your shares if the fund’s liquidity falls below required minimums because of market conditions or other factors. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The fund’s sponsor has no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.
Here are the total returns on a $1,000 investment with all distributions reinvested for the period ended December 31, 2021 (the most recent calendar quarter-end):
| Lifetime (since 4/23/21) | |||
| Class M shares | 1.59 | % | |
Investment results assume all distributions are reinvested and reflect applicable fees and expenses. Visit capitalgroup.com for more information. The fund’s annualized seven-day yield for Class M shares as of December 31, 2021, calculated in accordance with the U.S. Securities and Exchange Commission (SEC) formula, was 2.25%. The annualized seven-day SEC yield more accurately reflects the fund’s current earnings than does the fund’s return.
The value of fixed income securities may be affected by changing interest rates and changes in credit ratings of the securities. Refer to the fund’s registration statement and the Risk Factors section of this report for more information on these and other risks associated with investing in the fund.
Investments are not FDIC-insured, nor are they deposits of or guaranteed by a bank or any other entity, so they may lose value.
Fellow investors:
Results for Capital Group Central Corporate Bond Fund for the periods ended November 30, 2021 are shown in the table below. This fund is currently not available for public sale.
You can access information about Capital Group’s American Funds and read our insights about the markets, retirement, saving for college, investing fundamentals and more at capitalgroup.com.
Contents
| 1 | Results at a glance |
| 2 | Investment portfolio |
| 20 | Financial statements |
| 22 | Notes to financial statements |
| 30 | Financial highlights |
Results at a glance
For periods ended November 30, 2021, with all distributions reinvested
| Cumulative total returns |
Lifetime (since inception | |||||||
| 6 months | on 4/23/21) | |||||||
| Capital Group Central Corporate Bond Fund (Class M shares) | 1.69 | % | 1.69 | % | ||||
| Capital Group Central Corporate Bond Fund | 1 |
| Investment portfolio November 30, 2021 | unaudited |
| Portfolio quality summary* | Percent of net assets | |||
| U.S. Treasury and agency† | 5.62 | % | ||
| AAA/Aaa | 1.22 | |||
| AA/Aa | 16.54 | |||
| A/A | 36.73 | |||
| BBB/Baa | 36.79 | |||
| Short-term securities & other assets less liabilities | 3.10 | |||
| * | Bond ratings, which typically range from AAA/Aaa (highest) to D (lowest), are assigned by credit rating agencies such as Standard & Poor’s, Moody’s and/or Fitch as an indication of an issuer’s creditworthiness. In assigning a credit rating to a security, the fund looks specifically to the ratings assigned to the issuer of the security by Standard & Poor’s, Moody’s and/or Fitch. If agency ratings differ, the security will be considered to have received the highest of those ratings, consistent with the fund’s investment policies. |
| † | These securities are guaranteed by the full faith and credit of the U.S. government. |
| Bonds, notes & other debt instruments 96.90% | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans 90.27% | ||||||||
| Financials 23.71% | ||||||||
| ACE INA Holdings, Inc. 2.875% 2022 | $ | 25,090 | $ | 25,516 | ||||
| ACE INA Holdings, Inc. 3.35% 2026 | 8,585 | 9,253 | ||||||
| ACE INA Holdings, Inc. 4.35% 2045 | 400 | 512 | ||||||
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 2.45% 2026 | 45,371 | 45,511 | ||||||
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.00% 2028 | 53,329 | 53,741 | ||||||
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.30% 2032 | 80,257 | 80,931 | ||||||
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.40% 2033 | 9,311 | 9,382 | ||||||
| AerCap Ireland Capital, Ltd. / AerCap Global Aviation Trust 3.85% 2041 | 7,032 | 7,265 | ||||||
| American Express Co. 1.65% 2026 | 29,158 | 29,123 | ||||||
| American International Group, Inc. 2.50% 2025 | 40,000 | 41,411 | ||||||
| American International Group, Inc. 4.20% 2028 | 14,570 | 16,415 | ||||||
| American International Group, Inc. 3.40% 2030 | 19,540 | 21,114 | ||||||
| American International Group, Inc. 4.375% 2050 | 25,061 | 31,684 | ||||||
| AON Corp. 2.20% 2022 | 7,605 | 7,722 | ||||||
| Arthur J. Gallagher & Co. 3.50% 2051 | 5,864 | 6,327 | ||||||
| Bank of America Corp. 2.816% 2023 (3-month USD-LIBOR + 0.93% on 7/21/2022)1 | 3,025 | 3,064 | ||||||
| Bank of America Corp. 0.81% 2024 (USD-SOFR + 0.74% on 10/24/2023)1 | 8,991 | 8,937 | ||||||
| Bank of America Corp. 2.456% 2025 (3-month USD-LIBOR + 0.87% on 10/22/2024)1 | 11,162 | 11,491 | ||||||
| Bank of America Corp. 3.419% 2028 (3-month USD-LIBOR + 1.04% on 12/20/2027)1 | 20,970 | 22,364 | ||||||
| Bank of America Corp. 4.271% 2029 (3-month USD-LIBOR + 1.31% on 7/23/2028)1 | 7,242 | 8,129 | ||||||
| Bank of America Corp. 3.194% 2030 (3-month USD-LIBOR + 1.18% on 7/23/2029)1 | 28,665 | 30,267 | ||||||
| Bank of America Corp. 1.898% 2031 (USD-SOFR + 1.53% on 7/23/2030)1 | 88,826 | 84,998 | ||||||
| Bank of America Corp. 1.922% 2031 (USD-SOFR + 1.37% on 10/24/2030)1 | 33,922 | 32,398 | ||||||
| Bank of America Corp. 2.299% 2032 (USD-SOFR + 1.22% on 7/21/2031)1 | 110,562 | 108,565 | ||||||
| Bank of America Corp. 2.572% 2032 (USD-SOFR + 1.21% on 10/20/2031)1 | 105,875 | 106,404 | ||||||
| Bank of America Corp. 2.651% 2032 (USD-SOFR + 1.22% on 3/11/2031)1 | 72,889 | 73,719 | ||||||
| Bank of America Corp. 2.687% 2032 (USD-SOFR + 1.32% on 4/22/2031)1 | 48,553 | 49,195 | ||||||
| Bank of America Corp. 2.831% 2051 (USD-SOFR + 1.88% on 10/24/2050)1 | 2,825 | 2,822 | ||||||
| Bank of America Corp. 3.483% 2052 (USD-SOFR + 1.65% on 3/11/2051)1 | 4,355 | 4,869 | ||||||
| Bank of Nova Scotia 1.05% 2026 | 25,175 | 24,677 | ||||||
| Barclays Bank PLC 4.95% 2047 | 4,000 | 5,212 | ||||||
| BB&T Corp. 2.75% 2022 | 762 | 766 | ||||||
| Berkshire Hathaway Finance Corp. 4.20% 2048 | 36,065 | 44,578 | ||||||
| 2 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Financials (continued) | ||||||||
| Berkshire Hathaway Finance Corp. 4.25% 2049 | $ | 8,075 | $ | 10,051 | ||||
| BNP Paribas 2.159% 2029 (USD-SOFR + 1.218% on 9/15/2028)1,2 | 18,425 | 18,113 | ||||||
| BNP Paribas 2.871% 2032 (USD-SOFR + 1.387% on 4/19/2031)1,2 | 85,090 | 86,324 | ||||||
| China Ping An Insurance Overseas (Holdings), Ltd. 2.85% 2031 | 1,901 | 1,814 | ||||||
| Chubb INA Holdings, Inc. 3.05% 2061 | 5,077 | 5,239 | ||||||
| Citigroup, Inc. 0.981% 2025 (USD-SOFR + 0.669% on 5/1/2024)1 | 10,269 | 10,204 | ||||||
| Citigroup, Inc. 1.281% 2025 (USD-SOFR + 0.528% on 11/3/2024)1 | 20,541 | 20,496 | ||||||
| Citigroup, Inc. 3.352% 2025 (3-month USD-LIBOR + 0.897% on 4/24/2024)1 | 4,500 | 4,714 | ||||||
| Citigroup, Inc. 2.976% 2030 (USD-SOFR + 1.422% on 11/5/2029)1 | 5,000 | 5,202 | ||||||
| Citigroup, Inc. 2.572% 2031 (USD-SOFR + 2.107% on 6/3/2030)1 | 9,275 | 9,333 | ||||||
| Citigroup, Inc. 2.561% 2032 (USD-SOFR + 1.167% on 5/1/2031)1 | 44,744 | 44,967 | ||||||
| Commonwealth Bank of Australia 3.35% 2024 | 3,325 | 3,518 | ||||||
| Cooperatieve Rabobank UA 2.625% 20242 | 4,450 | 4,617 | ||||||
| Crédit Agricole SA 4.375% 20252 | 11,115 | 12,008 | ||||||
| Crédit Agricole SA 1.247% 2027 (USD-SOFR + 0.892% on 1/26/2026)1,2 | 9,725 | 9,463 | ||||||
| Credit Suisse Group AG 2.997% 2023 (3-month USD-LIBOR + 1.20% on 12/14/2022)1,2 | 5,000 | 5,097 | ||||||
| Credit Suisse Group AG 3.80% 2023 | 12,100 | 12,609 | ||||||
| Credit Suisse Group AG 2.95% 2025 | 2,700 | 2,839 | ||||||
| Credit Suisse Group AG 3.869% 2029 (3-month USD-LIBOR + 1.41% on 1/12/2028)1,2 | 6,100 | 6,540 | ||||||
| Credit Suisse Group AG 4.194% 2031 (USD-SOFR + 3.73% on 4/1/2030)1,2 | 42,406 | 46,669 | ||||||
| Credit Suisse Group AG 3.091% 2032 (USD-SOFR + 1.73% on 5/14/2031)1,2 | 24,600 | 24,948 | ||||||
| Deutsche Bank AG 2.222% 2024 (USD-SOFR + 2.159% on 9/18/2023)1 | 10,725 | 10,881 | ||||||
| Deutsche Bank AG 2.129% 2026 (USD-SOFR + 1.87% on 11/24/2025)1 | 32,356 | 32,453 | ||||||
| Deutsche Bank AG 2.311% 2027 (USD-SOFR + 1.219% on 11/16/2026)1 | 11,150 | 11,138 | ||||||
| Deutsche Bank AG 3.547% 2031 (USD-SOFR + 3.043% on 9/18/2030)1 | 15,675 | 16,558 | ||||||
| Deutsche Bank AG 3.035% 2032 (USD-SOFR + 1.718% on 5/28/2031)1 | 7,025 | 7,063 | ||||||
| DNB Bank ASA 1.535% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 0.72% on 5/25/2026)1,2 | 10,700 | 10,568 | ||||||
| Goldman Sachs Group, Inc. 5.75% 2022 | 27,500 | 27,713 | ||||||
| Goldman Sachs Group, Inc. 1.776% 20233 | 1,465 | 1,502 | ||||||
| Goldman Sachs Group, Inc. 3.50% 2025 | 33,751 | 35,812 | ||||||
| Goldman Sachs Group, Inc. 1.093% 2026 (USD-SOFR + 0.789% on 12/9/2025)1 | 11,367 | 11,059 | ||||||
| Goldman Sachs Group, Inc. 1.948% 2027 (USD-SOFR + 0.913% on 10/21/2026)1 | 24,884 | 24,841 | ||||||
| Goldman Sachs Group, Inc. 2.60% 2030 | 18,639 | 18,911 | ||||||
| Goldman Sachs Group, Inc. 1.992% 2032 (USD-SOFR + 1.09% on 1/27/2031)1 | 15,335 | 14,693 | ||||||
| Goldman Sachs Group, Inc. 2.383% 2032 (USD-SOFR + 1.248% on 7/21/2031)1 | 103,000 | 101,137 | ||||||
| Goldman Sachs Group, Inc. 2.615% 2032 (USD-SOFR + 1.281% on 4/22/2031)1 | 133,235 | 133,587 | ||||||
| Goldman Sachs Group, Inc. 2.65% 2032 (USD-SOFR + 0.011% on 10/21/2031)1 | 36,163 | 36,275 | ||||||
| Goldman Sachs Group, Inc. 2.908% 2042 (USD-SOFR + 1.40% on 7/21/2041)1 | 20,000 | 19,955 | ||||||
| Goldman Sachs Group, Inc. 3.21% 2042 (USD-SOFR + 1.513% on 4/22/2041)1 | 21,436 | 22,199 | ||||||
| Groupe BPCE SA 5.15% 20242 | 10,000 | 10,901 | ||||||
| Groupe BPCE SA 1.652% 2026 (USD-SOFR + 1.52% on 10/6/2025)1,2 | 30,575 | 30,236 | ||||||
| Groupe BPCE SA 2.277% 2032 (USD-SOFR + 1.312% on 1/20/2031)1,2 | 6,700 | 6,442 | ||||||
| Hartford Financial Services Group, Inc. 2.90% 2051 | 3,060 | 3,046 | ||||||
| HSBC Holdings PLC 2.633% 2025 (3-month USD-LIBOR + 1.14% on 11/7/2024)1 | 7,550 | 7,761 | ||||||
| HSBC Holdings PLC 2.099% 2026 (USD-SOFR + 1.929% on 6/4/2025)1 | 23,000 | 23,154 | ||||||
| HSBC Holdings PLC 2.251% 2027 (USD-SOFR + 1.10% on 11/22/2026)1 | 52,810 | 52,963 | ||||||
| HSBC Holdings PLC 2.206% 2029 (USD-SOFR + 1.285% on 8/17/2028)1 | 29,615 | 29,013 | ||||||
| HSBC Holdings PLC 4.583% 2029 (3-month USD-LIBOR + 1.535% on 6/19/2028)1 | 10,250 | 11,494 | ||||||
| HSBC Holdings PLC 3.973% 2030 (3-month USD-LIBOR + 1.61% on 5/22/2029)1 | 39,485 | 43,096 | ||||||
| HSBC Holdings PLC 2.357% 2031 (USD-SOFR + 1.947% on 8/18/2030)1 | 2,170 | 2,125 | ||||||
| HSBC Holdings PLC 2.848% 2031 (USD-SOFR + 2.387% on 6/4/2030)1 | 8,923 | 9,043 | ||||||
| HSBC Holdings PLC 2.804% 2032 (USD-SOFR + 1.187% on 5/24/2031)1 | 6,800 | 6,806 | ||||||
| Intercontinental Exchange, Inc. 2.65% 2040 | 5,700 | 5,474 | ||||||
| Intercontinental Exchange, Inc. 3.00% 2060 | 14,780 | 14,530 | ||||||
| JPMorgan Chase & Co. 3.25% 2022 | 10,000 | 10,227 | ||||||
| JPMorgan Chase & Co. 3.559% 2024 (3-month USD-LIBOR + 0.73% on 4/23/2023)1 | 21,226 | 22,013 | ||||||
| JPMorgan Chase & Co. 3.875% 2024 | 10,000 | 10,675 | ||||||
| JPMorgan Chase & Co. 4.023% 2024 (3-month USD-LIBOR + 1.00% on 12/5/2023)1 | 7,560 | 7,991 | ||||||
| JPMorgan Chase & Co. 2.301% 2025 (USD-SOFR + 1.16% on 10/15/2024)1 | 3,450 | 3,529 | ||||||
| JPMorgan Chase & Co. 1.045% 2026 (USD-SOFR + 0.80% on 11/19/2025)1 | 25,000 | 24,321 | ||||||
| JPMorgan Chase & Co. 2.005% 2026 (USD-SOFR + 1.585% on 3/13/2025)1 | 1,610 | 1,633 | ||||||
| JPMorgan Chase & Co. 1.04% 2027 (USD-SOFR + 0.695% on 2/4/2026)1 | 50,622 | 49,151 | ||||||
| JPMorgan Chase & Co. 1.578% 2027 (USD-SOFR + 0.885% on 4/22/2026)1 | 27,809 | 27,487 | ||||||
| JPMorgan Chase & Co. 4.203% 2029 (3-month USD-LIBOR + 1.26% on 7/23/2028)1 | 3,473 | 3,886 | ||||||
| JPMorgan Chase & Co. 2.522% 2031 (USD-SOFR + 2.04% on 4/22/2030)1 | 4,714 | 4,761 | ||||||
| JPMorgan Chase & Co. 1.953% 2032 (USD-SOFR + 1.065% on 2/4/2031)1 | 59,382 | 56,968 | ||||||
| Capital Group Central Corporate Bond Fund | 3 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Financials (continued) | ||||||||
| JPMorgan Chase & Co. 2.545% 2032 (USD-SOFR + 1.18% on 11/8/2031)1 | $ | 58,472 | $ | 58,809 | ||||
| JPMorgan Chase & Co. 2.58% 2032 (USD-SOFR + 1.25% on 4/22/2031)1 | 52,536 | 53,010 | ||||||
| JPMorgan Chase & Co. 3.109% 2051 (USD-SOFR + 3.109% on 4/22/2050)1 | 8,236 | 8,700 | ||||||
| JPMorgan Chase & Co., Series Z, (3-month USD-LIBOR + 3.80%) 3.932% junior subordinated perpetual bonds3 | 10,500 | 10,530 | ||||||
| Lloyds Banking Group PLC 3.87% 2025 (1-year UST Yield Curve Rate T Note Constant Maturity + 3.50% on 7/9/2024)1 | 24,743 | 26,288 | ||||||
| Lloyds Banking Group PLC 1.627% 2027 (1-year UST Yield Curve Rate T Note Constant Maturity + 0.85% on 5/11/2026)1 | 6,250 | 6,154 | ||||||
| Marsh & McLennan Companies, Inc. 3.875% 2024 | 7,500 | 7,967 | ||||||
| Marsh & McLennan Companies, Inc. 4.375% 2029 | 5,758 | 6,570 | ||||||
| Marsh & McLennan Companies, Inc. 2.25% 2030 | 6,708 | 6,663 | ||||||
| Marsh & McLennan Companies, Inc. 4.90% 2049 | 3,738 | 5,145 | ||||||
| MetLife, Inc. 4.55% 2030 | 15,553 | 18,397 | ||||||
| Metropolitan Life Global Funding I 1.95% 20232 | 7,800 | 7,918 | ||||||
| Metropolitan Life Global Funding I 0.40% 20242 | 14,942 | 14,785 | ||||||
| Metropolitan Life Global Funding I 0.70% 20242 | 19,067 | 18,829 | ||||||
| Metropolitan Life Global Funding I 0.95% 20252 | 18,767 | 18,559 | ||||||
| Metropolitan Life Global Funding I 1.55% 20312 | 25,721 | 24,458 | ||||||
| Mitsubishi UFJ Financial Group, Inc. 2.801% 2024 | 37,500 | 39,067 | ||||||
| Mitsubishi UFJ Financial Group, Inc. 2.193% 2025 | 35,000 | 35,905 | ||||||
| Mitsubishi UFJ Financial Group, Inc. 3.195% 2029 | 5,290 | 5,602 | ||||||
| Morgan Stanley 0.529% 2024 (USD-SOFR + 0.455% on 1/25/2023)1 | 20,000 | 19,927 | ||||||
| Morgan Stanley 3.737% 2024 (3-month USD-LIBOR + 0.847% on 4/24/2023)1 | 16,250 | 16,864 | ||||||
| Morgan Stanley 1.164% 2025 (USD-SOFR + 0.56% on 10/21/2024)1 | 8,807 | 8,740 | ||||||
| Morgan Stanley 2.72% 2025 (USD-SOFR + 1.152% on 7/22/2024)1 | 18,080 | 18,665 | ||||||
| Morgan Stanley 0.985% 2026 (USD-SOFR + 0.72% on 12/10/2025)1 | 15,557 | 15,054 | ||||||
| Morgan Stanley 2.188% 2026 (USD-SOFR + 1.99% on 4/28/2025)1 | 59,269 | 60,498 | ||||||
| Morgan Stanley 3.875% 2026 | 7,796 | 8,465 | ||||||
| Morgan Stanley 1.512% 2027 (USD-SOFR + 0.858% on 7/20/2026)1 | 5,460 | 5,359 | ||||||
| Morgan Stanley 1.593% 2027 (USD-SOFR + 0.879% on 5/4/2026)1 | 25,045 | 24,776 | ||||||
| Morgan Stanley 1.794% 2032 (USD-SOFR + 1.034% on 2/13/2031)1 | 53,662 | 50,875 | ||||||
| Morgan Stanley 1.928% 2032 (USD-SOFR + 1.02% on 4/28/2031)1 | 37,190 | 35,558 | ||||||
| Morgan Stanley 2.239% 2032 (USD-SOFR + 1.178% on 7/21/2031)1 | 87,159 | 85,479 | ||||||
| Morgan Stanley 2.511% 2032 (USD-SOFR + 1.20% on 10/20/2031)1 | 34,765 | 34,908 | ||||||
| National Rural Utilities Cooperative Finance Corp. 3.25% 2025 | 715 | 762 | ||||||
| New York Life Global Funding 2.25% 20222 | 8,068 | 8,159 | ||||||
| New York Life Global Funding 2.30% 20222 | 250 | 253 | ||||||
| New York Life Global Funding 0.95% 20252 | 8,537 | 8,462 | ||||||
| New York Life Global Funding 0.85% 20262 | 12,630 | 12,374 | ||||||
| New York Life Global Funding 2.35% 20262 | 9,220 | 9,571 | ||||||
| New York Life Global Funding 1.20% 20302 | 26,885 | 25,243 | ||||||
| New York Life Insurance Company 3.75% 20502 | 1,209 | 1,395 | ||||||
| Northwestern Mutual Global Funding 0.80% 20262 | 30,277 | 29,581 | ||||||
| PNC Financial Services Group, Inc. 3.90% 2024 | 16,667 | 17,753 | ||||||
| Progressive Corp. 3.20% 2030 | 1,380 | 1,500 | ||||||
| Prudential Financial, Inc. 3.878% 2028 | 325 | 364 | ||||||
| Prudential Financial, Inc. 4.35% 2050 | 42,630 | 54,817 | ||||||
| Prudential Financial, Inc. 3.70% 2051 | 5,495 | 6,343 | ||||||
| Royal Bank of Canada 0.75% 2024 | 57,690 | 57,065 | ||||||
| Royal Bank of Canada 0.875% 2026 | 9,589 | 9,345 | ||||||
| Royal Bank of Canada 1.20% 2026 | 112,063 | 110,450 | ||||||
| Royal Bank of Canada 2.30% 2031 | 25,939 | 26,102 | ||||||
| Royal Bank of Scotland PLC 3.073% 2028 (1-year UST Yield Curve Rate T Note Constant Maturity + 2.55% on 5/22/2027)1 | 4,375 | 4,562 | ||||||
| Royal Bank of Scotland PLC 4.445% 2030 (3-month USD-LIBOR + 1.871% on 5/5/2029)1 | 10,113 | 11,462 | ||||||
| Toronto-Dominion Bank 1.15% 2025 | 4,000 | 3,978 | ||||||
| Travelers Companies, Inc. 4.00% 2047 | 11,455 | 13,970 | ||||||
| Travelers Companies, Inc. 4.05% 2048 | 2,753 | 3,416 | ||||||
| Travelers Companies, Inc. 4.10% 2049 | 1,040 | 1,324 | ||||||
| Travelers Companies, Inc. 2.55% 2050 | 1,031 | 1,006 | ||||||
| U.S. Bancorp 2.625% 2022 | 16,225 | 16,247 | ||||||
| U.S. Bancorp 2.40% 2024 | 2,000 | 2,074 | ||||||
| U.S. Bancorp 3.70% 2024 | 5,000 | 5,286 | ||||||
| U.S. Bank NA 2.85% 2023 | 25,000 | 25,564 | ||||||
| U.S. Bank NA 3.40% 2023 | 32,945 | 34,269 | ||||||
| 4 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Financials (continued) | ||||||||
| UBS Group AG 1.364% 2027 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.08% on 1/30/2026)1,2 | $ | 12,975 | $ | 12,716 | ||||
| UBS Group AG 3.126% 2030 (3-month USD-LIBOR + 1.468% on 8/13/2029)1,2 | 6,500 | 6,824 | ||||||
| Vigorous Champion International, Ltd. 4.25% 2029 | 685 | 722 | ||||||
| Wells Fargo & Company 0.805% 2025 (USD-SOFR + 0.51% on 5/19/2024)1 | 16,417 | 16,265 | ||||||
| Wells Fargo & Company 2.406% 2025 (3-month USD-LIBOR + 0.825% on 10/30/2024)1 | 95,632 | 98,226 | ||||||
| Wells Fargo & Company 2.164% 2026 (3-month USD-LIBOR + 0.75% on 2/11/2025)1 | 10,000 | 10,208 | ||||||
| Wells Fargo & Company 3.00% 2026 | 14,293 | 15,005 | ||||||
| Wells Fargo & Company 3.00% 2026 | 3,983 | 4,194 | ||||||
| Wells Fargo & Company 3.196% 2027 (3-month USD-LIBOR + 1.17% on 6/17/2026)1 | 8,938 | 9,458 | ||||||
| Wells Fargo & Company 3.584% 2028 (3-month USD-LIBOR + 1.31% on 5/22/2027)1 | 217 | 234 | ||||||
| Wells Fargo & Company 2.879% 2030 (3-month USD-LIBOR + 1.17% on 10/30/2029)1 | 19,297 | 20,033 | ||||||
| Wells Fargo & Company 2.572% 2031 (3-month USD-LIBOR + 1.00% on 2/11/2030)1 | 9,107 | 9,245 | ||||||
| Wells Fargo & Company 5.013% 2051 (3-month USD-LIBOR + 4.24% on 4/4/2050)1 | 2,950 | 4,087 | ||||||
| Westpac Banking Corp. 2.75% 2023 | 20,620 | 21,125 | ||||||
| Westpac Banking Corp. 1.953% 2028 | 45,543 | 45,362 | ||||||
| Westpac Banking Corp. 2.668% 2035 (5-year UST Yield Curve Rate T Note Constant Maturity + 1.75% on 11/15/2030)1 | 4,150 | 4,073 | ||||||
| Willis North America, Inc. 3.875% 2049 | 1,281 | 1,405 | ||||||
| 3,908,601 | ||||||||
| Utilities 14.18% | ||||||||
| AEP Texas, Inc. 3.45% 2051 | 13,200 | 13,852 | ||||||
| AEP Transmission Co. LLC 3.75% 2047 | 2,395 | 2,767 | ||||||
| AEP Transmission Co. LLC 3.65% 2050 | 1,735 | 1,969 | ||||||
| AEP Transmission Co. LLC 2.75% 2051 | 14,295 | 14,036 | ||||||
| Alabama Power Co. 3.125% 2051 | 230 | 241 | ||||||
| Alabama Power Co. 3.00% 2052 | 5,950 | 6,069 | ||||||
| Ameren Corp. 2.50% 2024 | 9,020 | 9,308 | ||||||
| Ameren Corp. 1.75% 2028 | 8,050 | 7,825 | ||||||
| Ameren Corp. 4.50% 2049 | 4,475 | 5,884 | ||||||
| American Electric Power Company, Inc. 1.00% 2025 | 8,325 | 8,121 | ||||||
| American Electric Power Company, Inc. 3.25% 2050 | 775 | 783 | ||||||
| American Transmission Systems, Inc. 2.65% 20322 | 20,450 | 20,685 | ||||||
| Atlantic City Electric Co. 2.30% 2031 | 3,000 | 3,013 | ||||||
| Berkshire Hathaway Energy Company 2.85% 2051 | 21,143 | 20,613 | ||||||
| CenterPoint Energy, Inc. 2.50% 2022 | 1,840 | 1,865 | ||||||
| CenterPoint Energy, Inc. 3.85% 2024 | 15,215 | 16,007 | ||||||
| CenterPoint Energy, Inc. 2.95% 2030 | 5,450 | 5,629 | ||||||
| CenterPoint Energy, Inc. 2.65% 2031 | 8,897 | 8,992 | ||||||
| Cleveland Electric Illuminating Co. 4.55% 20302 | 10,000 | 11,577 | ||||||
| Cleveland Electric Illuminating Co. 5.95% 2036 | 1,402 | 1,883 | ||||||
| CMS Energy Corp. 3.00% 2026 | 3,203 | 3,365 | ||||||
| CMS Energy Corp. 3.45% 2027 | 1,850 | 2,000 | ||||||
| Commonwealth Edison Co. 2.95% 2027 | 5,000 | 5,314 | ||||||
| Connecticut Light and Power Co. 0.75% 2025 | 456 | 445 | ||||||
| Connecticut Light and Power Co. 2.05% 2031 | 21,990 | 21,890 | ||||||
| Consolidated Edison Company of New York, Inc. 2.40% 2031 | 7,579 | 7,638 | ||||||
| Consumers Energy Co. 3.80% 2028 | 12,103 | 13,563 | ||||||
| Consumers Energy Co. 3.25% 2046 | 8,893 | 9,700 | ||||||
| Consumers Energy Co. 4.05% 2048 | 6,684 | 8,238 | ||||||
| Consumers Energy Co. 3.10% 2050 | 27,107 | 29,022 | ||||||
| Consumers Energy Co. 3.75% 2050 | 5,117 | 6,046 | ||||||
| Consumers Energy Co. 2.65% 2052 | 23,606 | 23,444 | ||||||
| Consumers Energy Co. 2.50% 2060 | 2,157 | 1,968 | ||||||
| Dominion Energy, Inc. 2.25% 2031 | 45,986 | 45,170 | ||||||
| Dominion Resources, Inc. 2.75% 2022 | 36,516 | 36,547 | ||||||
| Dominion Resources, Inc. 3.30% 2025 | 6,227 | 6,555 | ||||||
| Dominion Resources, Inc. 3.375% 2030 | 20,000 | 21,262 | ||||||
| Dominion Resources, Inc., junior subordinated, 3.071% 20241 | 13,650 | 14,218 | ||||||
| DTE Electric Co 3.70% 2045 | 1,016 | 1,169 | ||||||
| DTE Electric Co. 2.625% 2031 | 1,000 | 1,036 | ||||||
| DTE Electric Co. 3.25% 2051 | 50 | 55 | ||||||
| DTE Energy Company 1.90% 2028 | 5,218 | 5,204 | ||||||
| DTE Energy Company 3.95% 2049 | 2,972 | 3,594 | ||||||
| Duke Energy Carolinas, LLC 3.95% 2028 | 16,035 | 17,997 | ||||||
| Duke Energy Carolinas, LLC 2.45% 2029 | 26,180 | 26,887 | ||||||
| Capital Group Central Corporate Bond Fund | 5 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Utilities (continued) | ||||||||
| Duke Energy Carolinas, LLC 2.55% 2031 | $ | 5,060 | $ | 5,174 | ||||
| Duke Energy Carolinas, LLC 3.70% 2047 | 777 | 878 | ||||||
| Duke Energy Carolinas, LLC 3.20% 2049 | 2,373 | 2,527 | ||||||
| Duke Energy Corp. 3.95% 2023 | 985 | 1,033 | ||||||
| Duke Energy Corp. 3.75% 2024 | 3,487 | 3,673 | ||||||
| Duke Energy Corp. 0.90% 2025 | 3,400 | 3,312 | ||||||
| Duke Energy Florida, LLC 3.20% 2027 | 20,765 | 22,210 | ||||||
| Duke Energy Florida, LLC 2.50% 2029 | 13,430 | 13,850 | ||||||
| Duke Energy Florida, LLC 1.75% 2030 | 17,247 | 16,612 | ||||||
| Duke Energy Ohio, Inc. 2.125% 2030 | 2,175 | 2,140 | ||||||
| Duke Energy Progress, Inc. 2.00% 2031 | 9,310 | 9,146 | ||||||
| Duke Energy Progress, Inc. 2.90% 2051 | 14,300 | 14,467 | ||||||
| Duke Energy Progress, LLC 3.45% 2029 | 10,000 | 10,835 | ||||||
| Duke Energy Progress, LLC 2.50% 2050 | 12,246 | 11,488 | ||||||
| Edison International 3.125% 2022 | 7,763 | 7,894 | ||||||
| Edison International 3.55% 2024 | 15,206 | 16,029 | ||||||
| Edison International 4.95% 2025 | 2,225 | 2,426 | ||||||
| Edison International 5.75% 2027 | 30,605 | 34,892 | ||||||
| Edison International 4.125% 2028 | 56,813 | 60,645 | ||||||
| Emera US Finance LP 0.833% 2024 | 6,250 | 6,168 | ||||||
| Emera US Finance LP 3.55% 2026 | 13,285 | 14,229 | ||||||
| Emera US Finance LP 2.639% 2031 | 27,375 | 27,336 | ||||||
| Entergy Corp. 4.00% 2022 | 4,435 | 4,502 | ||||||
| Entergy Corp. 2.40% 2026 | 6,279 | 6,460 | ||||||
| Entergy Corp. 3.12% 2027 | 8,000 | 8,464 | ||||||
| Entergy Corp. 1.60% 2030 | 8,875 | 8,367 | ||||||
| Entergy Corp. 2.80% 2030 | 4,997 | 5,116 | ||||||
| Entergy Corp. 2.40% 2031 | 33,194 | 32,833 | ||||||
| Entergy Corp. 3.75% 2050 | 1,675 | 1,845 | ||||||
| Entergy Louisiana, LLC 4.20% 2048 | 1,300 | 1,591 | ||||||
| Entergy Louisiana, LLC 2.90% 2051 | 887 | 892 | ||||||
| Entergy Texas, Inc. 1.75% 2031 | 23,375 | 22,085 | ||||||
| Eversource Energy 3.80% 2023 | 10,245 | 10,767 | ||||||
| Eversource Energy 1.65% 2030 | 10,000 | 9,393 | ||||||
| Exelon Corp. 4.05% 2030 | 1,100 | 1,235 | ||||||
| Exelon Corp. 4.70% 2050 | 500 | 645 | ||||||
| Exelon Corp., junior subordinated, 3.497% 20221 | 11,070 | 11,185 | ||||||
| FirstEnergy Corp. 3.50% 20282 | 7,637 | 8,072 | ||||||
| FirstEnergy Corp. 4.10% 20282 | 25,775 | 28,593 | ||||||
| FirstEnergy Transmission LLC 2.866% 20282 | 20,000 | 20,252 | ||||||
| Florida Power & Light Company 2.875% 2051 | 70,676 | 73,388 | ||||||
| Gulf Power Co. 3.30% 2027 | 8,557 | 9,182 | ||||||
| Jersey Central Power & Light Co. 4.30% 20262 | 2,872 | 3,132 | ||||||
| Jersey Central Power & Light Co. 2.75% 20322 | 29,125 | 29,729 | ||||||
| MidAmerican Energy Holdings Co. 3.75% 2023 | 10,000 | 10,528 | ||||||
| MidAmerican Energy Holdings Co. 3.10% 2027 | 21,335 | 22,818 | ||||||
| MidAmerican Energy Holdings Co. 3.65% 2029 | 2,300 | 2,533 | ||||||
| MidAmerican Energy Holdings Co. 2.70% 2052 | 18,788 | 18,861 | ||||||
| Mississippi Power Co. 3.95% 2028 | 2,814 | 3,091 | ||||||
| National Grid PLC 3.15% 20272 | 275 | 288 | ||||||
| National Rural Utilities Cooperative Finance Corp. 3.05% 2027 | 2,500 | 2,660 | ||||||
| NextEra Energy Capital Holdings, Inc. 1.90% 2028 | 7,224 | 7,117 | ||||||
| Northeast Utilities 3.15% 2025 | 4,265 | 4,479 | ||||||
| Northern States Power Co. 2.60% 2051 | 27,226 | 26,560 | ||||||
| Northern States Power Co. 3.20% 2052 | 8,548 | 9,397 | ||||||
| Oncor Electric Delivery Company, LLC 0.55% 2025 | 20,500 | 19,794 | ||||||
| Oncor Electric Delivery Company, LLC 2.70% 20512 | 8,925 | 8,853 | ||||||
| Pacific Gas and Electric Co. 3.25% 2023 | 1,700 | 1,733 | ||||||
| Pacific Gas and Electric Co. 3.85% 2023 | 4,828 | 4,993 | ||||||
| Pacific Gas and Electric Co. 3.40% 2024 | 8,018 | 8,307 | ||||||
| Pacific Gas and Electric Co. 2.95% 2026 | 37,311 | 37,915 | ||||||
| Pacific Gas and Electric Co. 3.15% 2026 | 5,943 | 6,095 | ||||||
| Pacific Gas and Electric Co. 2.10% 2027 | 18,126 | 17,464 | ||||||
| Pacific Gas and Electric Co. 3.30% 2027 | 19,000 | 19,325 | ||||||
| Pacific Gas and Electric Co. 3.30% 2027 | 18,238 | 18,588 | ||||||
| Pacific Gas and Electric Co. 3.00% 2028 | 11,850 | 11,950 | ||||||
| Pacific Gas and Electric Co. 3.75% 2028 | 7,805 | 8,145 | ||||||
| 6 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Utilities (continued) | ||||||||
| Pacific Gas and Electric Co. 4.65% 2028 | $ | 18,130 | $ | 19,867 | ||||
| Pacific Gas and Electric Co. 4.55% 2030 | 73,150 | 79,945 | ||||||
| Pacific Gas and Electric Co. 2.50% 2031 | 80,592 | 77,076 | ||||||
| Pacific Gas and Electric Co. 3.25% 2031 | 31,062 | 31,275 | ||||||
| Pacific Gas and Electric Co. 3.30% 2040 | 19,774 | 18,834 | ||||||
| Pacific Gas and Electric Co. 4.20% 2041 | 25,786 | 26,329 | ||||||
| Pacific Gas and Electric Co. 3.75% 2042 | 1,505 | 1,407 | ||||||
| Pacific Gas and Electric Co. 3.50% 2050 | 38,109 | 36,355 | ||||||
| PacifiCorp 3.30% 2051 | 1,850 | 1,976 | ||||||
| PacifiCorp, First Mortgage Bonds, 4.125% 2049 | 13,364 | 15,919 | ||||||
| Peco Energy Co. 2.80% 2050 | 975 | 977 | ||||||
| Pennsylvania Electric Co. 3.25% 20282 | 3,000 | 3,112 | ||||||
| Progress Energy, Inc. 7.00% 2031 | 6,700 | 9,125 | ||||||
| Public Service Company of Colorado 1.875% 2031 | 28,447 | 27,623 | ||||||
| Public Service Electric and Gas Co. 3.05% 2024 | 10,065 | 10,542 | ||||||
| Public Service Electric and Gas Co. 0.95% 2026 | 19,131 | 18,788 | ||||||
| Public Service Electric and Gas Co. 3.65% 2028 | 2,541 | 2,819 | ||||||
| Public Service Electric and Gas Co. 3.20% 2029 | 10,000 | 10,832 | ||||||
| Public Service Electric and Gas Co. 1.90% 2031 | 12,850 | 12,690 | ||||||
| Public Service Electric and Gas Co. 3.85% 2049 | 6,758 | 8,275 | ||||||
| Public Service Electric and Gas Co. 2.05% 2050 | 21,656 | 19,487 | ||||||
| Public Service Enterprise Group, Inc. 2.65% 2022 | 6,590 | 6,706 | ||||||
| Public Service Enterprise Group, Inc. 1.60% 2030 | 22,130 | 20,687 | ||||||
| Public Service Enterprise Group, Inc. 2.45% 2031 | 10,000 | 9,906 | ||||||
| Public Service Enterprise Group, Inc. 3.20% 2049 | 2,468 | 2,691 | ||||||
| Puget Energy, Inc. 5.625% 2022 | 6,525 | 6,647 | ||||||
| Puget Energy, Inc. 3.65% 2025 | 8,500 | 9,010 | ||||||
| San Diego Gas & Electric Co. 1.70% 2030 | 19,865 | 19,028 | ||||||
| San Diego Gas & Electric Co. 2.95% 2051 | 26,201 | 26,809 | ||||||
| Southern California Edison Co. (3-month USD-LIBOR + 0.27%) 0.389% 20213 | 6,200 | 6,200 | ||||||
| Southern California Edison Co. 1.845% 2022 | 691 | 692 | ||||||
| Southern California Edison Co. 0.975% 2024 | 8,250 | 8,206 | ||||||
| Southern California Edison Co. 3.70% 2025 | 17,011 | 18,280 | ||||||
| Southern California Edison Co. 3.65% 2028 | 10,197 | 11,010 | ||||||
| Southern California Edison Co. 2.85% 2029 | 53,331 | 55,200 | ||||||
| Southern California Edison Co. 4.20% 2029 | 4,500 | 5,050 | ||||||
| Southern California Edison Co. 2.25% 2030 | 12,310 | 12,201 | ||||||
| Southern California Edison Co. 2.50% 2031 | 8,343 | 8,438 | ||||||
| Southern California Edison Co. 5.75% 2035 | 8,218 | 10,578 | ||||||
| Southern California Edison Co. 4.00% 2047 | 30,334 | 33,849 | ||||||
| Southern California Edison Co. 3.65% 2050 | 19,390 | 20,858 | ||||||
| Southern California Edison Co. 2.95% 2051 | 1,612 | 1,545 | ||||||
| Southern California Edison Co. 3.65% 2051 | 14,931 | 16,262 | ||||||
| Southern California Edison Co., Series C, 3.60% 2045 | 5,790 | 6,058 | ||||||
| Southwestern Electric Power Co. 3.25% 2051 | 17,427 | 17,597 | ||||||
| Tampa Electric Co. 2.60% 2022 | 1,200 | 1,213 | ||||||
| Union Electric Co. 2.15% 2032 | 46,125 | 45,839 | ||||||
| Virginia Electric and Power Co. 3.45% 2024 | 1,860 | 1,940 | ||||||
| Virginia Electric and Power Co. 3.80% 2028 | 8,247 | 9,082 | ||||||
| Virginia Electric and Power Co. 2.875% 2029 | 7,570 | 7,965 | ||||||
| Virginia Electric and Power Co. 2.30% 2031 | 10,525 | 10,641 | ||||||
| Virginia Electric and Power Co. 4.00% 2043 | 969 | 1,130 | ||||||
| Virginia Electric and Power Co. 2.45% 2050 | 17,396 | 16,397 | ||||||
| Virginia Electric and Power Co., Series B, 3.45% 2022 | 1,330 | 1,350 | ||||||
| Wisconsin Electric Power Co. 2.85% 2051 | 10,375 | 10,603 | ||||||
| Wisconsin Power and Light Co. 1.95% 2031 | 5,900 | 5,797 | ||||||
| Wisconsin Power and Light Co. 3.65% 2050 | 800 | 922 | ||||||
| Xcel Energy, Inc. 3.35% 2026 | 36,900 | 39,455 | ||||||
| Xcel Energy, Inc. 1.75% 2027 | 14,275 | 14,189 | ||||||
| Xcel Energy, Inc. 2.60% 2029 | 30,862 | 31,532 | ||||||
| Xcel Energy, Inc. 2.35% 2031 | 25,707 | 25,986 | ||||||
| Xcel Energy, Inc. 3.50% 2049 | 14,723 | 16,202 | ||||||
| 2,336,636 | ||||||||
| Capital Group Central Corporate Bond Fund | 7 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Health care 8.59% | ||||||||
| Abbott Laboratories 3.75% 2026 | $ | 4,187 | $ | 4,612 | ||||
| Abbott Laboratories 4.75% 2036 | 225 | 289 | ||||||
| Abbott Laboratories 4.90% 2046 | 250 | 348 | ||||||
| AbbVie, Inc. 2.30% 2022 | 17,956 | 18,232 | ||||||
| AbbVie, Inc. 2.90% 2022 | 10,000 | 10,203 | ||||||
| AbbVie, Inc. 3.45% 2022 | 3,000 | 3,011 | ||||||
| AbbVie, Inc. 2.60% 2024 | 16,000 | 16,593 | ||||||
| AbbVie, Inc. 3.60% 2025 | 10,000 | 10,658 | ||||||
| AbbVie, Inc. 3.80% 2025 | 5,573 | 5,960 | ||||||
| AbbVie, Inc. 2.95% 2026 | 49,061 | 51,665 | ||||||
| AbbVie, Inc. 3.20% 2029 | 27,500 | 29,218 | ||||||
| AbbVie, Inc. 4.75% 2045 | 2,404 | 3,048 | ||||||
| AbbVie, Inc. 4.25% 2049 | 3,000 | 3,615 | ||||||
| Aetna, Inc. 2.80% 2023 | 1,095 | 1,124 | ||||||
| AmerisourceBergen Corp. 0.737% 2023 | 18,105 | 18,092 | ||||||
| AmerisourceBergen Corp. 2.70% 2031 | 49,102 | 49,690 | ||||||
| Amgen, Inc. 2.70% 2022 | 10,620 | 10,680 | ||||||
| Amgen, Inc. 2.20% 2027 | 8,029 | 8,142 | ||||||
| Amgen, Inc. 3.15% 2040 | 11,425 | 11,647 | ||||||
| Amgen, Inc. 3.375% 2050 | 8,850 | 9,252 | ||||||
| Anthem, Inc. 2.95% 2022 | 12,000 | 12,267 | ||||||
| AstraZeneca Finance LLC 1.75% 2028 | 21,928 | 21,771 | ||||||
| AstraZeneca Finance LLC 2.25% 2031 | 14,049 | 14,205 | ||||||
| AstraZeneca PLC 2.375% 2022 | 11,432 | 11,534 | ||||||
| AstraZeneca PLC 3.375% 2025 | 5,650 | 6,061 | ||||||
| AstraZeneca PLC 0.70% 2026 | 34,621 | 33,478 | ||||||
| AstraZeneca PLC 4.00% 2029 | 19,681 | 22,268 | ||||||
| AstraZeneca PLC 1.375% 2030 | 12,000 | 11,295 | ||||||
| AstraZeneca PLC 4.375% 2045 | 6,268 | 8,071 | ||||||
| AstraZeneca PLC 2.125% 2050 | 3,568 | 3,193 | ||||||
| AstraZeneca PLC 3.00% 2051 | 15,009 | 15,925 | ||||||
| Baxter International, Inc. 2.539% 20322 | 16,660 | 16,808 | ||||||
| Baxter International, Inc. 3.132% 20512 | 5,263 | 5,419 | ||||||
| Bayer US Finance II, LLC 4.375% 20282 | 23,517 | 26,434 | ||||||
| Becton, Dickinson and Company 3.363% 2024 | 5,986 | 6,282 | ||||||
| Becton, Dickinson and Company 3.734% 2024 | 412 | 440 | ||||||
| Boston Scientific Corp. 3.375% 2022 | 11,576 | 11,718 | ||||||
| Boston Scientific Corp. 3.45% 2024 | 11,320 | 11,873 | ||||||
| Boston Scientific Corp. 1.90% 2025 | 12,361 | 12,520 | ||||||
| Boston Scientific Corp. 3.85% 2025 | 17,292 | 18,590 | ||||||
| Boston Scientific Corp. 3.75% 2026 | 10,715 | 11,552 | ||||||
| Boston Scientific Corp. 4.00% 2029 | 23,505 | 26,318 | ||||||
| Boston Scientific Corp. 2.65% 2030 | 14,202 | 14,442 | ||||||
| Boston Scientific Corp. 4.70% 2049 | 515 | 666 | ||||||
| Bristol-Myers Squibb Company 3.875% 2025 | 2,704 | 2,930 | ||||||
| Bristol-Myers Squibb Company 3.20% 2026 | 8,451 | 9,091 | ||||||
| Bristol-Myers Squibb Company 3.40% 2029 | 10,719 | 11,754 | ||||||
| Bristol-Myers Squibb Company 1.45% 2030 | 19,976 | 19,084 | ||||||
| Bristol-Myers Squibb Company 2.55% 2050 | 5,475 | 5,225 | ||||||
| Centene Corp. 4.25% 2027 | 9,190 | 9,546 | ||||||
| Centene Corp. 2.45% 2028 | 53,045 | 52,136 | ||||||
| Centene Corp. 4.625% 2029 | 19,560 | 20,958 | ||||||
| Centene Corp. 3.00% 2030 | 22,250 | 22,243 | ||||||
| Centene Corp. 3.375% 2030 | 2,687 | 2,710 | ||||||
| Centene Corp. 2.50% 2031 | 23,930 | 22,973 | ||||||
| Centene Corp. 2.625% 2031 | 13,005 | 12,561 | ||||||
| Cigna Corp. 4.125% 2025 | 2,000 | 2,185 | ||||||
| Cigna Corp. 4.375% 2028 | 4,200 | 4,764 | ||||||
| Cigna Corp. 2.375% 2031 | 25,358 | 25,439 | ||||||
| CVS Health Corp. 1.30% 2027 | 10,000 | 9,626 | ||||||
| CVS Health Corp. 4.30% 2028 | 7,710 | 8,690 | ||||||
| CVS Health Corp. 3.25% 2029 | 4,775 | 5,083 | ||||||
| CVS Health Corp. 1.75% 2030 | 14,000 | 13,329 | ||||||
| CVS Health Corp. 1.875% 2031 | 9,225 | 8,825 | ||||||
| CVS Health Corp. 5.05% 2048 | 4,125 | 5,458 | ||||||
| Eli Lilly and Company 3.375% 2029 | 13,571 | 14,942 | ||||||
| Eli Lilly and Company 2.25% 2050 | 4,083 | 3,812 | ||||||
| 8 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Health care (continued) | ||||||||
| EMD Finance, LLC 2.95% 20222 | $ | 4,900 | $ | 4,916 | ||||
| EMD Finance, LLC 3.25% 20252 | 18,845 | 19,935 | ||||||
| Gilead Sciences, Inc. 2.80% 2050 | 1,085 | 1,057 | ||||||
| GlaxoSmithKline PLC 3.375% 2023 | 25,000 | 25,950 | ||||||
| GlaxoSmithKline PLC 3.625% 2025 | 13,165 | 14,200 | ||||||
| GlaxoSmithKline PLC 3.875% 2028 | 6,397 | 7,191 | ||||||
| GlaxoSmithKline PLC 3.375% 2029 | 30,966 | 33,841 | ||||||
| HCA, Inc. 4.125% 2029 | 2,250 | 2,476 | ||||||
| Johnson & Johnson 2.10% 2040 | 13,860 | 13,373 | ||||||
| Johnson & Johnson 2.25% 2050 | 2,395 | 2,277 | ||||||
| Kaiser Foundation Hospitals 2.81% 2041 | 10,220 | 10,455 | ||||||
| Medtronic, Inc. 3.50% 2025 | 5,491 | 5,877 | ||||||
| Merck & Co., Inc. 2.90% 2024 | 18,132 | 18,926 | ||||||
| Merck & Co., Inc. 1.45% 2030 | 15,890 | 15,209 | ||||||
| Merck & Co., Inc. 4.00% 2049 | 3,170 | 3,903 | ||||||
| Novartis Capital Corp. 1.75% 2025 | 23,341 | 23,746 | ||||||
| Novartis Capital Corp. 2.00% 2027 | 7,070 | 7,183 | ||||||
| Novartis Capital Corp. 2.20% 2030 | 32,067 | 32,730 | ||||||
| Partners HealthCare System, Inc. 3.192% 2049 | 1,920 | 2,116 | ||||||
| Pfizer, Inc. 3.20% 2023 | 25,389 | 26,519 | ||||||
| Pfizer, Inc. 2.95% 2024 | 13,575 | 14,214 | ||||||
| Pfizer, Inc. 3.45% 2029 | 29,162 | 32,201 | ||||||
| Pfizer, Inc. 1.70% 2030 | 26,384 | 25,860 | ||||||
| Roche Holdings, Inc. 1.75% 20222 | 13,750 | 13,765 | ||||||
| Shire PLC 3.20% 2026 | 21,874 | 23,157 | ||||||
| STERIS Irish FinCo Unlimited Co. 3.75% 2051 | 1,617 | 1,792 | ||||||
| Summa Health 3.511% 2051 | 2,320 | 2,572 | ||||||
| Takeda Pharmaceutical Company, Ltd. 4.40% 2023 | 6,130 | 6,527 | ||||||
| Takeda Pharmaceutical Company, Ltd. 5.00% 2028 | 5,780 | 6,811 | ||||||
| Thermo Fisher Scientific, Inc. 2.00% 2031 | 18,547 | 18,179 | ||||||
| Thermo Fisher Scientific, Inc. 2.80% 2041 | 7,995 | 8,087 | ||||||
| UnitedHealth Group, Inc. 2.375% 2024 | 625 | 648 | ||||||
| UnitedHealth Group, Inc. 3.70% 2025 | 2,180 | 2,381 | ||||||
| UnitedHealth Group, Inc. 3.75% 2025 | 4,090 | 4,429 | ||||||
| UnitedHealth Group, Inc. 1.25% 2026 | 12,524 | 12,470 | ||||||
| UnitedHealth Group, Inc. 3.375% 2027 | 122 | 133 | ||||||
| UnitedHealth Group, Inc. 3.875% 2028 | 2,500 | 2,808 | ||||||
| UnitedHealth Group, Inc. 2.875% 2029 | 6,995 | 7,400 | ||||||
| UnitedHealth Group, Inc. 2.00% 2030 | 15,000 | 14,882 | ||||||
| UnitedHealth Group, Inc. 2.30% 2031 | 13,351 | 13,530 | ||||||
| UnitedHealth Group, Inc. 3.05% 2041 | 16,450 | 17,183 | ||||||
| UnitedHealth Group, Inc. 4.45% 2048 | 13,315 | 17,114 | ||||||
| UnitedHealth Group, Inc. 3.70% 2049 | 2,760 | 3,211 | ||||||
| UnitedHealth Group, Inc. 3.25% 2051 | 7,753 | 8,444 | ||||||
| Zimmer Holdings, Inc. 3.15% 2022 | 3,000 | 3,012 | ||||||
| 1,415,263 | ||||||||
| Information technology 7.87% | ||||||||
| Adobe, Inc. 1.90% 2025 | 7,105 | 7,263 | ||||||
| Adobe, Inc. 2.15% 2027 | 25,694 | 26,507 | ||||||
| Adobe, Inc. 2.30% 2030 | 13,520 | 13,803 | ||||||
| Analog Devices, Inc. 1.70% 2028 | 12,455 | 12,453 | ||||||
| Analog Devices, Inc. 2.10% 2031 | 32,305 | 32,386 | ||||||
| Analog Devices, Inc. 2.80% 2041 | 4,230 | 4,325 | ||||||
| Analog Devices, Inc. 2.95% 2051 | 17,268 | 18,079 | ||||||
| Apple, Inc. 3.00% 2024 | 7,500 | 7,818 | ||||||
| Apple, Inc. 0.55% 2025 | 54,582 | 53,339 | ||||||
| Apple, Inc. 1.125% 2025 | 16,784 | 16,754 | ||||||
| Apple, Inc. 1.25% 2030 | 40,570 | 38,235 | ||||||
| Apple, Inc. 1.65% 2030 | 15,000 | 14,613 | ||||||
| Apple, Inc. 1.65% 2031 | 23,419 | 22,754 | ||||||
| Apple, Inc. 2.375% 2041 | 21,375 | 20,987 | ||||||
| Apple, Inc. 2.40% 2050 | 43,341 | 41,396 | ||||||
| Apple, Inc. 2.65% 2051 | 49,085 | 48,734 | ||||||
| Apple, Inc. 2.80% 2061 | 3,513 | 3,520 | ||||||
| Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.875% 2027 | 14,083 | 15,177 | ||||||
| Broadcom Corp. / Broadcom Cayman Finance, Ltd. 3.50% 2028 | 3,000 | 3,212 | ||||||
| Capital Group Central Corporate Bond Fund | 9 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Information technology (continued) | ||||||||
| Broadcom, Inc. 4.75% 2029 | $ | 16,220 | $ | 18,427 | ||||
| Broadcom, Inc. 4.15% 2030 | 17,050 | 18,657 | ||||||
| Broadcom, Inc. 5.00% 2030 | 9,193 | 10,721 | ||||||
| Broadcom, Inc. 4.30% 2032 | 9,741 | 10,880 | ||||||
| Broadcom, Inc. 3.419% 20332 | 20,000 | 20,627 | ||||||
| Broadcom, Inc. 3.469% 20342 | 68,046 | 70,179 | ||||||
| Broadcom, Inc. 3.187% 20362 | 21,307 | 21,002 | ||||||
| Broadcom, Inc. 3.50% 20412 | 9,181 | 9,170 | ||||||
| Broadcom, Inc. 3.75% 20512 | 19,723 | 20,554 | ||||||
| Broadcom, Ltd. 2.65% 2023 | 5,000 | 5,103 | ||||||
| Fidelity National Information Services, Inc. 2.25% 2031 | 11,525 | 11,280 | ||||||
| Fidelity National Information Services, Inc. 3.10% 2041 | 3,335 | 3,338 | ||||||
| Fiserv, Inc. 3.50% 2029 | 27,619 | 29,463 | ||||||
| Fiserv, Inc. 2.65% 2030 | 17,714 | 17,932 | ||||||
| Global Payments, Inc. 2.90% 2030 | 12,445 | 12,614 | ||||||
| Global Payments, Inc. 2.90% 2031 | 20,634 | 20,895 | ||||||
| Intuit, Inc. 1.35% 2027 | 5,000 | 4,881 | ||||||
| Mastercard, Inc. 3.30% 2027 | 18,000 | 19,498 | ||||||
| Mastercard, Inc. 3.35% 2030 | 17,519 | 19,368 | ||||||
| Mastercard, Inc. 1.90% 2031 | 11,468 | 11,496 | ||||||
| Mastercard, Inc. 2.00% 2031 | 7,280 | 7,289 | ||||||
| Mastercard, Inc. 3.85% 2050 | 1,980 | 2,374 | ||||||
| Mastercard, Inc. 2.95% 2051 | 6,611 | 7,016 | ||||||
| Microsoft Corp. 2.875% 2024 | 5,150 | 5,362 | ||||||
| Microsoft Corp. 3.125% 2025 | 6,305 | 6,740 | ||||||
| Microsoft Corp. 2.40% 2026 | 15,000 | 15,656 | ||||||
| Microsoft Corp. 3.30% 2027 | 35,655 | 38,685 | ||||||
| Microsoft Corp. 2.525% 2050 | 6,511 | 6,466 | ||||||
| Microsoft Corp. 2.921% 2052 | 10,714 | 11,425 | ||||||
| Oracle Corp. 2.30% 2028 | 7,933 | 7,983 | ||||||
| Oracle Corp. 2.875% 2031 | 56,486 | 57,851 | ||||||
| Oracle Corp. 3.60% 2040 | 7,345 | 7,625 | ||||||
| Oracle Corp. 3.65% 2041 | 7,960 | 8,299 | ||||||
| Oracle Corp. 3.60% 2050 | 41,974 | 42,547 | ||||||
| Oracle Corp. 3.95% 2051 | 13,776 | 14,868 | ||||||
| PayPal Holdings, Inc. 1.65% 2025 | 15,793 | 15,956 | ||||||
| PayPal Holdings, Inc. 2.65% 2026 | 15,368 | 16,157 | ||||||
| PayPal Holdings, Inc. 2.85% 2029 | 28,057 | 29,554 | ||||||
| PayPal Holdings, Inc. 2.30% 2030 | 4,770 | 4,840 | ||||||
| PayPal Holdings, Inc. 3.25% 2050 | 4,107 | 4,450 | ||||||
| salesforce.com, inc. 1.95% 2031 | 32,050 | 31,789 | ||||||
| salesforce.com, inc. 2.70% 2041 | 16,225 | 16,368 | ||||||
| salesforce.com, inc. 2.90% 2051 | 20,000 | 20,720 | ||||||
| ServiceNow, Inc. 1.40% 2030 | 66,449 | 62,074 | ||||||
| VeriSign, Inc. 2.70% 2031 | 2,524 | 2,551 | ||||||
| Visa, Inc. 3.15% 2025 | 8,000 | 8,565 | ||||||
| Visa, Inc. 2.05% 2030 | 30,500 | 30,808 | ||||||
| Visa, Inc. 1.10% 2031 | 37,293 | 34,778 | ||||||
| Visa, Inc. 2.70% 2040 | 4,310 | 4,413 | ||||||
| Visa, Inc. 2.00% 2050 | 18,838 | 16,710 | ||||||
| 1,297,359 | ||||||||
| Consumer staples 7.39% | ||||||||
| 7-Eleven, Inc. 0.80% 20242 | 8,660 | 8,570 | ||||||
| 7-Eleven, Inc. 0.95% 20262 | 18,880 | 18,225 | ||||||
| 7-Eleven, Inc. 1.30% 20282 | 34,295 | 32,665 | ||||||
| 7-Eleven, Inc. 1.80% 20312 | 85,560 | 81,368 | ||||||
| 7-Eleven, Inc. 2.80% 20512 | 7,755 | 7,278 | ||||||
| Altria Group, Inc. 2.35% 2025 | 3,666 | 3,769 | ||||||
| Altria Group, Inc. 2.625% 2026 | 1,375 | 1,423 | ||||||
| Altria Group, Inc. 4.40% 2026 | 8,148 | 8,948 | ||||||
| Altria Group, Inc. 4.80% 2029 | 4,576 | 5,186 | ||||||
| Altria Group, Inc. 3.40% 2030 | 437 | 452 | ||||||
| Altria Group, Inc. 2.45% 2032 | 12,000 | 11,307 | ||||||
| Altria Group, Inc. 5.80% 2039 | 14,635 | 17,697 | ||||||
| Altria Group, Inc. 4.50% 2043 | 5,466 | 5,819 | ||||||
| Altria Group, Inc. 3.875% 2046 | 6,139 | 6,018 | ||||||
| 10 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Consumer staples (continued) | ||||||||
| Altria Group, Inc. 5.95% 2049 | $ | 2,522 | $ | 3,184 | ||||
| Altria Group, Inc. 4.45% 2050 | 6,489 | 6,840 | ||||||
| Altria Group, Inc. 3.70% 2051 | 18,752 | 17,741 | ||||||
| Anheuser-Busch Co. / InBev Worldwide 4.90% 2046 | 14,800 | 18,813 | ||||||
| Anheuser-Busch InBev NV 4.00% 2028 | 66,527 | 74,539 | ||||||
| Anheuser-Busch InBev NV 4.75% 2029 | 11,513 | 13,437 | ||||||
| Anheuser-Busch InBev NV 3.50% 2030 | 15,000 | 16,428 | ||||||
| Anheuser-Busch InBev NV 5.45% 2039 | 7,344 | 9,633 | ||||||
| Anheuser-Busch InBev NV 4.35% 2040 | 15,000 | 17,654 | ||||||
| Anheuser-Busch InBev NV 5.55% 2049 | 10,326 | 14,262 | ||||||
| Anheuser-Busch InBev NV 4.50% 2050 | 3,220 | 3,991 | ||||||
| British American Tobacco International Finance PLC 3.95% 20252 | 16,500 | 17,711 | ||||||
| British American Tobacco PLC 2.789% 2024 | 4,000 | 4,138 | ||||||
| British American Tobacco PLC 3.222% 2024 | 22,000 | 22,923 | ||||||
| British American Tobacco PLC 3.215% 2026 | 21,850 | 22,713 | ||||||
| British American Tobacco PLC 3.557% 2027 | 52,664 | 55,165 | ||||||
| British American Tobacco PLC 4.70% 2027 | 6,420 | 7,089 | ||||||
| British American Tobacco PLC 2.259% 2028 | 21,130 | 20,660 | ||||||
| British American Tobacco PLC 3.462% 2029 | 2,000 | 2,078 | ||||||
| British American Tobacco PLC 4.906% 2030 | 20,120 | 22,720 | ||||||
| British American Tobacco PLC 2.726% 2031 | 29,000 | 28,088 | ||||||
| British American Tobacco PLC 4.39% 2037 | 7,961 | 8,466 | ||||||
| British American Tobacco PLC 4.54% 2047 | 8,186 | 8,596 | ||||||
| British American Tobacco PLC 4.758% 2049 | 8,971 | 9,662 | ||||||
| Conagra Brands, Inc. 4.30% 2024 | 7,000 | 7,491 | ||||||
| Conagra Brands, Inc. 4.60% 2025 | 6,790 | 7,530 | ||||||
| Conagra Brands, Inc. 1.375% 2027 | 5,165 | 4,952 | ||||||
| Conagra Brands, Inc. 5.30% 2038 | 73 | 93 | ||||||
| Conagra Brands, Inc. 5.40% 2048 | 10,315 | 14,171 | ||||||
| Constellation Brands, Inc. 3.20% 2023 | 311 | 319 | ||||||
| Constellation Brands, Inc. 3.60% 2028 | 5,313 | 5,792 | ||||||
| Constellation Brands, Inc. 2.875% 2030 | 3,082 | 3,164 | ||||||
| Constellation Brands, Inc. 2.25% 2031 | 24,098 | 23,515 | ||||||
| Keurig Dr Pepper, Inc. 4.057% 2023 | 9,608 | 10,039 | ||||||
| Keurig Dr Pepper, Inc. 4.417% 2025 | 15,000 | 16,410 | ||||||
| Keurig Dr Pepper, Inc. 4.597% 2028 | 20,267 | 23,180 | ||||||
| Keurig Dr Pepper, Inc. 3.20% 2030 | 9,609 | 10,221 | ||||||
| Keurig Dr Pepper, Inc. 4.985% 2038 | 7,010 | 8,778 | ||||||
| Keurig Dr Pepper, Inc. 5.085% 2048 | 3,337 | 4,408 | ||||||
| Keurig Dr Pepper, Inc. 3.80% 2050 | 3,185 | 3,562 | ||||||
| Kimberly-Clark Corp. 3.10% 2030 | 1,273 | 1,383 | ||||||
| Kimberly-Clark Corp. 2.00% 2031 | 35,693 | 35,782 | ||||||
| Molson Coors Brewing Co. 4.20% 2046 | 1,015 | 1,127 | ||||||
| Nestlé Holdings, Inc. 1.875% 20312 | 20,000 | 19,751 | ||||||
| Nestlé Holdings, Inc. 2.625% 20512 | 12,000 | 12,043 | ||||||
| PepsiCo, Inc. 1.625% 2030 | 6,250 | 6,083 | ||||||
| PepsiCo, Inc. 1.40% 2031 | 14,189 | 13,589 | ||||||
| PepsiCo, Inc. 1.95% 2031 | 67,526 | 67,158 | ||||||
| PepsiCo, Inc. 2.625% 2041 | 8,214 | 8,393 | ||||||
| PepsiCo, Inc. 2.75% 2051 | 10,269 | 10,676 | ||||||
| Philip Morris International, Inc. 2.375% 2022 | 20,985 | 21,245 | ||||||
| Philip Morris International, Inc. 2.50% 2022 | 5,000 | 5,081 | ||||||
| Philip Morris International, Inc. 2.625% 2022 | 12,135 | 12,171 | ||||||
| Philip Morris International, Inc. 1.125% 2023 | 10,000 | 10,063 | ||||||
| Philip Morris International, Inc. 2.875% 2024 | 15,827 | 16,539 | ||||||
| Philip Morris International, Inc. 1.50% 2025 | 1,004 | 1,010 | ||||||
| Philip Morris International, Inc. 3.375% 2025 | 27,395 | 29,181 | ||||||
| Philip Morris International, Inc. 3.375% 2029 | 18,757 | 20,439 | ||||||
| Philip Morris International, Inc. 1.75% 2030 | 25,145 | 24,113 | ||||||
| Philip Morris International, Inc. 2.10% 2030 | 9,300 | 9,166 | ||||||
| Philip Morris International, Inc. 3.875% 2042 | 5,950 | 6,528 | ||||||
| Philip Morris International, Inc. 4.25% 2044 | 3,171 | 3,646 | ||||||
| Procter & Gamble Company 0.55% 2025 | 42,369 | 41,384 | ||||||
| Procter & Gamble Company 3.00% 2030 | 4,159 | 4,531 | ||||||
| Reynolds American, Inc. 4.45% 2025 | 20,220 | 21,884 | ||||||
| Capital Group Central Corporate Bond Fund | 11 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Consumer staples (continued) | ||||||||
| Reynolds American, Inc. 5.70% 2035 | $ | 1,555 | $ | 1,854 | ||||
| Reynolds American, Inc. 5.85% 2045 | 27,544 | 33,510 | ||||||
| Wal-Mart Stores, Inc. 2.35% 2022 | 1,000 | 1,019 | ||||||
| 1,218,230 | ||||||||
| Communication services 7.06% | ||||||||
| Alphabet, Inc. 1.10% 2030 | 10,790 | 10,149 | ||||||
| Alphabet, Inc. 2.05% 2050 | 13,105 | 11,881 | ||||||
| Alphabet, Inc. 2.25% 2060 | 2,455 | 2,239 | ||||||
| AT&T, Inc. 2.30% 2027 | 11,970 | 12,165 | ||||||
| AT&T, Inc. 1.65% 2028 | 30,775 | 29,966 | ||||||
| AT&T, Inc. 2.75% 2031 | 59,917 | 60,919 | ||||||
| AT&T, Inc. 2.25% 2032 | 54,330 | 52,472 | ||||||
| AT&T, Inc. 2.55% 2033 | 80,288 | 77,677 | ||||||
| AT&T, Inc. 3.30% 2052 | 37,861 | 37,048 | ||||||
| AT&T, Inc. 3.50% 2053 | 99,415 | 100,602 | ||||||
| AT&T, Inc. 3.55% 2055 | 7,304 | 7,356 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 4.50% 2024 | 2,500 | 2,662 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 4.908% 2025 | 7,500 | 8,279 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 3.75% 2028 | 1,400 | 1,508 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 4.20% 2028 | 3,945 | 4,332 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 5.05% 2029 | 1,150 | 1,329 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 2.80% 2031 | 24,310 | 24,125 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 2.30% 2032 | 14,140 | 13,368 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 5.125% 2049 | 570 | 673 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 4.80% 2050 | 800 | 903 | ||||||
| CCO Holdings LLC and CCO Holdings Capital Corp. 3.70% 2051 | 26,836 | 26,075 | ||||||
| Comcast Corp. 3.70% 2024 | 2,245 | 2,380 | ||||||
| Comcast Corp. 3.10% 2025 | 18,000 | 18,994 | ||||||
| Comcast Corp. 3.95% 2025 | 5,645 | 6,159 | ||||||
| Comcast Corp. 3.15% 2026 | 11,215 | 11,948 | ||||||
| Comcast Corp. 2.35% 2027 | 3,220 | 3,321 | ||||||
| Comcast Corp. 3.30% 2027 | 15,000 | 16,113 | ||||||
| Comcast Corp. 3.15% 2028 | 7,500 | 8,059 | ||||||
| Comcast Corp. 4.15% 2028 | 2,608 | 2,955 | ||||||
| Comcast Corp. 2.65% 2030 | 10,228 | 10,591 | ||||||
| Comcast Corp. 3.40% 2030 | 8,115 | 8,859 | ||||||
| Comcast Corp. 1.50% 2031 | 18,170 | 17,097 | ||||||
| Comcast Corp. 1.95% 2031 | 1,094 | 1,070 | ||||||
| Comcast Corp. 3.20% 2036 | 375 | 402 | ||||||
| Comcast Corp. 3.90% 2038 | 750 | 859 | ||||||
| Comcast Corp. 3.75% 2040 | 594 | 670 | ||||||
| Comcast Corp. 4.00% 2048 | 250 | 292 | ||||||
| Comcast Corp. 2.80% 2051 | 14,860 | 14,380 | ||||||
| Comcast Corp. 2.45% 2052 | 32,510 | 29,736 | ||||||
| Comcast Corp. 2.937% 20562 | 6,790 | 6,611 | ||||||
| Discovery Communications, Inc. 3.625% 2030 | 7,820 | 8,378 | ||||||
| Discovery Communications, Inc. 4.65% 2050 | 2,558 | 3,039 | ||||||
| Netflix, Inc. 4.875% 2028 | 11,407 | 12,922 | ||||||
| Netflix, Inc. 5.875% 2028 | 24,076 | 28,854 | ||||||
| Netflix, Inc. 5.375% 20292 | 8,392 | 9,941 | ||||||
| Netflix, Inc. 4.875% 20302 | 6,677 | 7,743 | ||||||
| T-Mobile US, Inc. 3.50% 2025 | 12,285 | 13,004 | ||||||
| T-Mobile US, Inc. 1.50% 2026 | 17,750 | 17,525 | ||||||
| T-Mobile US, Inc. 3.75% 2027 | 10,000 | 10,761 | ||||||
| T-Mobile US, Inc. 2.05% 2028 | 9,185 | 9,055 | ||||||
| T-Mobile US, Inc. 3.875% 2030 | 14,841 | 16,152 | ||||||
| T-Mobile US, Inc. 2.55% 2031 | 7,659 | 7,556 | ||||||
| T-Mobile US, Inc. 3.00% 2041 | 12,181 | 11,641 | ||||||
| T-Mobile US, Inc. 3.30% 2051 | 15,785 | 15,383 | ||||||
| T-Mobile US, Inc. 3.40% 20522 | 9,755 | 9,690 | ||||||
| Verizon Communications, Inc. 3.00% 2027 | 25,186 | 26,610 | ||||||
| Verizon Communications, Inc. 4.125% 2027 | 6,980 | 7,762 | ||||||
| Verizon Communications, Inc. 4.329% 2028 | 7,846 | 8,945 | ||||||
| Verizon Communications, Inc. 3.875% 2029 | 4,714 | 5,224 | ||||||
| Verizon Communications, Inc. 4.016% 2029 | 16,676 | 18,721 | ||||||
| Verizon Communications, Inc. 1.68% 2030 | 18,129 | 17,129 | ||||||
| 12 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Communication services (continued) | ||||||||
| Verizon Communications, Inc. 1.75% 2031 | $ | 42,450 | $ | 40,245 | ||||
| Verizon Communications, Inc. 2.55% 2031 | 39,301 | 39,752 | ||||||
| Verizon Communications, Inc. 2.65% 2040 | 8,750 | 8,365 | ||||||
| Verizon Communications, Inc. 2.85% 2041 | 12,579 | 12,530 | ||||||
| Verizon Communications, Inc. 3.40% 2041 | 51,395 | 54,699 | ||||||
| Verizon Communications, Inc. 2.875% 2050 | 38,370 | 37,472 | ||||||
| Verizon Communications, Inc. 3.55% 2051 | 20,052 | 22,027 | ||||||
| Vodafone Group PLC 4.125% 2025 | 2,500 | 2,720 | ||||||
| Vodafone Group PLC 5.25% 2048 | 3,750 | 4,886 | ||||||
| Vodafone Group PLC 4.25% 2050 | 1,900 | 2,192 | ||||||
| Walt Disney Company 1.75% 2026 | 1,950 | 1,966 | ||||||
| Walt Disney Company 2.65% 2031 | 11,287 | 11,729 | ||||||
| Walt Disney Company 3.60% 2051 | 10,762 | 12,324 | ||||||
| 1,163,166 | ||||||||
| Industrials 6.62% | ||||||||
| Boeing Company 2.70% 2022 | 4,400 | 4,437 | ||||||
| Boeing Company 2.80% 2024 | 5,000 | 5,165 | ||||||
| Boeing Company 2.196% 2026 | 28,950 | 28,906 | ||||||
| Boeing Company 2.75% 2026 | 79,490 | 81,704 | ||||||
| Boeing Company 3.10% 2026 | 7,750 | 8,069 | ||||||
| Boeing Company 5.04% 2027 | 15,116 | 17,035 | ||||||
| Boeing Company 3.25% 2028 | 55,094 | 57,271 | ||||||
| Boeing Company 5.15% 2030 | 51,305 | 59,591 | ||||||
| Boeing Company 3.625% 2031 | 36,340 | 38,634 | ||||||
| Boeing Company 3.60% 2034 | 34,795 | 36,039 | ||||||
| Boeing Company 3.90% 2049 | 4,696 | 4,935 | ||||||
| Boeing Company 3.75% 2050 | 586 | 609 | ||||||
| Boeing Company 5.805% 2050 | 9,339 | 12,615 | ||||||
| Burlington Northern Santa Fe, LLC 3.05% 2051 | 11,662 | 12,109 | ||||||
| Burlington Northern Santa Fe, LLC 3.30% 2051 | 16,505 | 18,067 | ||||||
| Burlington Northern Santa Fe, LLC 2.875% 2052 | 1,470 | 1,493 | ||||||
| Canadian National Railway Company 3.20% 2046 | 390 | 419 | ||||||
| Canadian Pacific Railway, Ltd. 1.75% 2026 | 12,099 | 12,113 | ||||||
| Canadian Pacific Railway, Ltd. 2.45% 2031 | 23,763 | 24,071 | ||||||
| Canadian Pacific Railway, Ltd. 3.00% 2041 | 5,172 | 5,272 | ||||||
| Canadian Pacific Railway, Ltd. 3.10% 2051 | 16,272 | 16,763 | ||||||
| Carrier Global Corp. 2.242% 2025 | 15,073 | 15,418 | ||||||
| Carrier Global Corp. 2.493% 2027 | 3,834 | 3,924 | ||||||
| Carrier Global Corp. 2.722% 2030 | 7,904 | 8,073 | ||||||
| Carrier Global Corp. 3.377% 2040 | 3,750 | 3,927 | ||||||
| Carrier Global Corp. 3.577% 2050 | 5,814 | 6,190 | ||||||
| CSX Corp. 3.80% 2028 | 28,360 | 31,234 | ||||||
| CSX Corp. 4.25% 2029 | 12,943 | 14,792 | ||||||
| CSX Corp. 2.40% 2030 | 5,892 | 6,034 | ||||||
| CSX Corp. 4.30% 2048 | 14,250 | 17,471 | ||||||
| CSX Corp. 3.35% 2049 | 873 | 941 | ||||||
| CSX Corp. 4.50% 2049 | 6,729 | 8,609 | ||||||
| CSX Corp. 2.50% 2051 | 28,825 | 26,850 | ||||||
| Emerson Electric Co. 1.80% 2027 | 14,050 | 14,052 | ||||||
| Emerson Electric Co. 1.95% 2030 | 5,950 | 5,868 | ||||||
| General Dynamics Corp. 2.25% 2031 | 4,906 | 4,993 | ||||||
| General Electric Capital Corp. 4.418% 2035 | 5,585 | 6,757 | ||||||
| Honeywell International, Inc. 2.70% 2029 | 22,741 | 23,969 | ||||||
| Honeywell International, Inc. 1.95% 2030 | 2,000 | 2,000 | ||||||
| Lockheed Martin Corp. 1.85% 2030 | 5,641 | 5,589 | ||||||
| Lockheed Martin Corp. 3.60% 2035 | 3,917 | 4,414 | ||||||
| Lockheed Martin Corp. 4.50% 2036 | 2,140 | 2,632 | ||||||
| Lockheed Martin Corp. 4.07% 2042 | 1,265 | 1,514 | ||||||
| Lockheed Martin Corp. 2.80% 2050 | 9,992 | 10,164 | ||||||
| Lockheed Martin Corp. 4.09% 2052 | 1,337 | 1,673 | ||||||
| Masco Corp. 1.50% 2028 | 5,606 | 5,402 | ||||||
| Masco Corp. 2.00% 2031 | 8,049 | 7,740 | ||||||
| Norfolk Southern Corp. 2.55% 2029 | 3,485 | 3,614 | ||||||
| Norfolk Southern Corp. 3.40% 2049 | 2,406 | 2,643 | ||||||
| Norfolk Southern Corp. 3.05% 2050 | 3,876 | 3,952 | ||||||
| Northrop Grumman Corp. 3.25% 2028 | 15,000 | 16,020 | ||||||
| Capital Group Central Corporate Bond Fund | 13 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Industrials (continued) | ||||||||
| Otis Worldwide Corp. 2.056% 2025 | $ | 4,114 | $ | 4,191 | ||||
| Otis Worldwide Corp. 2.565% 2030 | 11,015 | 11,210 | ||||||
| Otis Worldwide Corp. 3.112% 2040 | 5,000 | 5,159 | ||||||
| Raytheon Technologies Corp. 1.90% 2031 | 65,301 | 62,724 | ||||||
| Raytheon Technologies Corp. 2.375% 2032 | 12,140 | 12,157 | ||||||
| Raytheon Technologies Corp. 3.125% 2050 | 13,901 | 14,446 | ||||||
| Raytheon Technologies Corp. 2.82% 2051 | 10,450 | 10,233 | ||||||
| Raytheon Technologies Corp. 3.03% 2052 | 5,000 | 5,062 | ||||||
| Republic Services, Inc. 2.375% 2033 | 12,970 | 12,928 | ||||||
| Siemens AG 2.70% 20222 | 38,260 | 38,544 | ||||||
| Siemens AG 1.20% 20262 | 18,957 | 18,643 | ||||||
| Triton Container International, Ltd. 1.15% 20242 | 2,250 | 2,225 | ||||||
| Union Pacific Corp. 3.15% 2024 | 21,052 | 22,020 | ||||||
| Union Pacific Corp. 3.75% 2025 | 21,948 | 23,738 | ||||||
| Union Pacific Corp. 2.40% 2030 | 3,000 | 3,076 | ||||||
| Union Pacific Corp. 2.375% 2031 | 18,050 | 18,439 | ||||||
| Union Pacific Corp. 2.891% 2036 | 49,415 | 51,681 | ||||||
| Union Pacific Corp. 4.30% 2049 | 12,301 | 15,525 | ||||||
| Union Pacific Corp. 3.25% 2050 | 424 | 459 | ||||||
| Union Pacific Corp. 2.95% 2052 | 6,296 | 6,473 | ||||||
| Union Pacific Corp. 3.95% 2059 | 1,410 | 1,687 | ||||||
| Union Pacific Corp. 3.75% 2070 | 10,530 | 12,290 | ||||||
| Union Pacific Corp. 3.799% 2071 | 10,530 | 12,452 | ||||||
| United Technologies Corp. 3.95% 2025 | 2,000 | 2,169 | ||||||
| United Technologies Corp. 4.125% 2028 | 9,295 | 10,456 | ||||||
| Vinci SA 3.75% 20292 | 1,070 | 1,186 | ||||||
| 1,090,949 | ||||||||
| Energy 5.80% | ||||||||
| BP Capital Markets America, Inc. 2.772% 2050 | 10,111 | 9,574 | ||||||
| Canadian Natural Resources, Ltd. 2.95% 2023 | 17,520 | 17,871 | ||||||
| Canadian Natural Resources, Ltd. 2.05% 2025 | 11,363 | 11,489 | ||||||
| Canadian Natural Resources, Ltd. 3.85% 2027 | 20,746 | 22,258 | ||||||
| Canadian Natural Resources, Ltd. 2.95% 2030 | 18,893 | 19,309 | ||||||
| Canadian Natural Resources, Ltd. 4.95% 2047 | 1,027 | 1,273 | ||||||
| Cheniere Energy, Inc. 3.70% 2029 | 19,136 | 20,459 | ||||||
| Chevron Corp. 1.554% 2025 | 1,950 | 1,965 | ||||||
| Chevron Corp. 2.236% 2030 | 36,505 | 36,921 | ||||||
| Chevron Corp. 3.078% 2050 | 7,101 | 7,584 | ||||||
| Chevron USA, Inc. 0.687% 2025 | 4,896 | 4,796 | ||||||
| Chevron USA, Inc. 1.018% 2027 | 6,577 | 6,316 | ||||||
| Chevron USA, Inc. 3.25% 2029 | 4,050 | 4,393 | ||||||
| Chevron USA, Inc. 2.343% 2050 | 1,497 | 1,391 | ||||||
| Continental Resources, Inc. 2.875% 20322 | 4,172 | 4,047 | ||||||
| Diamondback Energy, Inc. 4.40% 2051 | 4,437 | 5,040 | ||||||
| Enbridge Energy Partners LP 7.375% 2045 | 437 | 696 | ||||||
| Energy Transfer Operating LP 2.90% 2025 | 1,601 | 1,653 | ||||||
| Energy Transfer Operating LP 3.75% 2030 | 13,166 | 13,880 | ||||||
| Energy Transfer Operating LP 5.00% 2050 | 65,521 | 75,396 | ||||||
| Energy Transfer Partners LP 5.25% 2029 | 5,000 | 5,724 | ||||||
| Energy Transfer Partners LP 6.125% 2045 | 1,404 | 1,765 | ||||||
| Energy Transfer Partners LP 5.30% 2047 | 4,935 | 5,712 | ||||||
| Energy Transfer Partners LP 6.00% 2048 | 9,586 | 12,050 | ||||||
| Energy Transfer Partners LP 6.25% 2049 | 13,426 | 17,457 | ||||||
| Enterprise Products Operating, LLC 2.80% 2030 | 4,709 | 4,881 | ||||||
| Enterprise Products Operating, LLC 3.20% 2052 | 6,747 | 6,620 | ||||||
| Enterprise Products Operating, LLC 3.30% 2053 | 5,222 | 5,223 | ||||||
| Equinor ASA 3.70% 2050 | 3,550 | 4,121 | ||||||
| Exxon Mobil Corp. 2.992% 2025 | 1,700 | 1,791 | ||||||
| Exxon Mobil Corp. 2.61% 2030 | 1,850 | 1,917 | ||||||
| Exxon Mobil Corp. 3.452% 2051 | 17,061 | 18,666 | ||||||
| Kinder Morgan, Inc. 2.00% 2031 | 6,289 | 5,935 | ||||||
| Kinder Morgan, Inc. 3.25% 2050 | 21,065 | 19,965 | ||||||
| Kinder Morgan, Inc. 3.60% 2051 | 11,989 | 12,076 | ||||||
| MPLX LP 3.50% 2022 | 5,000 | 5,123 | ||||||
| MPLX LP 4.875% 2025 | 15,000 | 16,424 | ||||||
| MPLX LP 1.75% 2026 | 9,577 | 9,484 | ||||||
| 14 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Energy (continued) | ||||||||
| MPLX LP 2.65% 2030 | $ | 31,998 | $ | 31,759 | ||||
| MPLX LP 4.50% 2038 | 9,370 | 10,415 | ||||||
| MPLX LP 5.50% 2049 | 28,848 | 36,500 | ||||||
| ONEOK, Inc. 2.20% 2025 | 527 | 537 | ||||||
| ONEOK, Inc. 5.85% 2026 | 37,192 | 42,862 | ||||||
| ONEOK, Inc. 3.40% 2029 | 3,629 | 3,786 | ||||||
| ONEOK, Inc. 3.10% 2030 | 2,141 | 2,205 | ||||||
| ONEOK, Inc. 6.35% 2031 | 21,654 | 27,248 | ||||||
| ONEOK, Inc. 5.20% 2048 | 28,471 | 34,372 | ||||||
| ONEOK, Inc. 4.45% 2049 | 1,510 | 1,683 | ||||||
| ONEOK, Inc. 4.50% 2050 | 6,187 | 7,006 | ||||||
| ONEOK, Inc. 7.15% 2051 | 12,751 | 18,790 | ||||||
| Petróleos Mexicanos 6.50% 2029 | 4,842 | 4,832 | ||||||
| Petróleos Mexicanos 6.84% 2030 | 23,082 | 23,206 | ||||||
| Petróleos Mexicanos 6.75% 2047 | 2,450 | 2,017 | ||||||
| Petróleos Mexicanos 6.35% 2048 | 5,326 | 4,219 | ||||||
| Petróleos Mexicanos 7.69% 2050 | 3,615 | 3,268 | ||||||
| Pioneer Natural Resources Company 2.15% 2031 | 8,353 | 8,032 | ||||||
| Qatar Petroleum 3.125% 20412 | 14,120 | 14,191 | ||||||
| Qatar Petroleum 3.30% 20512 | 5,080 | 5,205 | ||||||
| SA Global Sukuk, Ltd. 1.602% 20262 | 32,085 | 31,629 | ||||||
| Sabine Pass Liquefaction, LLC 4.50% 2030 | 20,760 | 23,517 | ||||||
| Shell International Finance BV 3.875% 2028 | 2,787 | 3,119 | ||||||
| Shell International Finance BV 2.75% 2030 | 33,963 | 35,531 | ||||||
| Shell International Finance BV 3.25% 2050 | 27,605 | 29,680 | ||||||
| Suncor Energy, Inc. 3.75% 2051 | 8,650 | 9,412 | ||||||
| Sunoco Logistics Operating Partners LP 5.40% 2047 | 5,055 | 6,026 | ||||||
| Total Capital International 3.127% 2050 | 17,208 | 17,811 | ||||||
| Total SE 2.986% 2041 | 20,673 | 21,180 | ||||||
| TransCanada PipeLines, Ltd. 4.10% 2030 | 9,915 | 11,042 | ||||||
| Williams Companies, Inc. 3.50% 2030 | 35,792 | 38,030 | ||||||
| Williams Companies, Inc. 2.60% 2031 | 6,455 | 6,414 | ||||||
| Williams Partners LP 6.30% 2040 | 14,201 | 19,278 | ||||||
| 956,047 | ||||||||
| Consumer discretionary 4.70% | ||||||||
| Amazon.com, Inc. 3.80% 2024 | 10,000 | 10,759 | ||||||
| Amazon.com, Inc. 1.65% 2028 | 7,060 | 7,032 | ||||||
| Amazon.com, Inc. 1.50% 2030 | 20,310 | 19,554 | ||||||
| Amazon.com, Inc. 2.10% 2031 | 24,275 | 24,406 | ||||||
| Amazon.com, Inc. 2.875% 2041 | 12,990 | 13,517 | ||||||
| Amazon.com, Inc. 2.50% 2050 | 28,315 | 27,161 | ||||||
| Amazon.com, Inc. 3.10% 2051 | 10,000 | 10,824 | ||||||
| Amazon.com, Inc. 2.70% 2060 | 24,850 | 24,274 | ||||||
| American Honda Finance Corp. 0.875% 2023 | 9,000 | 9,022 | ||||||
| American Honda Finance Corp. 0.55% 2024 | 16,000 | 15,795 | ||||||
| American Honda Finance Corp. 1.20% 2025 | 2,546 | 2,532 | ||||||
| American Honda Finance Corp. 2.00% 2028 | 7,500 | 7,571 | ||||||
| Bayerische Motoren Werke AG 3.45% 20232 | 18,715 | 19,384 | ||||||
| Bayerische Motoren Werke AG 3.15% 20242 | 19,510 | 20,453 | ||||||
| Bayerische Motoren Werke AG 2.55% 20312 | 6,725 | 6,912 | ||||||
| BMW Finance NV 2.25% 20222 | 3,000 | 3,036 | ||||||
| DaimlerChrysler North America Holding Corp. 2.70% 20242 | 30,000 | 31,122 | ||||||
| DaimlerChrysler North America Holding Corp. 2.45% 20312 | 6,000 | 6,093 | ||||||
| General Motors Financial Co. 3.45% 2022 | 30,000 | 30,031 | ||||||
| General Motors Financial Co. 3.50% 2024 | 25,920 | 27,314 | ||||||
| General Motors Financial Co. 2.75% 2025 | 5,000 | 5,171 | ||||||
| General Motors Financial Co. 4.30% 2025 | 6,135 | 6,640 | ||||||
| General Motors Financial Co. 2.70% 2031 | 18,675 | 18,516 | ||||||
| Home Depot, Inc. 2.50% 2027 | 3,400 | 3,560 | ||||||
| Home Depot, Inc. 2.95% 2029 | 25,000 | 26,674 | ||||||
| Home Depot, Inc. 2.70% 2030 | 2,180 | 2,288 | ||||||
| Home Depot, Inc. 1.375% 2031 | 19,795 | 18,667 | ||||||
| Home Depot, Inc. 5.95% 2041 | 7,500 | 10,909 | ||||||
| Home Depot, Inc. 3.125% 2049 | 7,117 | 7,627 | ||||||
| Home Depot, Inc. 3.35% 2050 | 3,410 | 3,798 | ||||||
| Hyundai Capital America 1.50% 20262 | 12,664 | 12,336 | ||||||
| Capital Group Central Corporate Bond Fund | 15 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Consumer discretionary (continued) | ||||||||
| Hyundai Capital America 1.65% 20262 | $ | 22,825 | $ | 22,408 | ||||
| Hyundai Capital America 2.00% 20282 | 20,575 | 19,944 | ||||||
| Hyundai Capital America 2.10% 20282 | 35,450 | 34,459 | ||||||
| Lowe’s Companies, Inc. 3.65% 2029 | 16,608 | 18,280 | ||||||
| Lowe’s Companies, Inc. 1.70% 2030 | 2,339 | 2,226 | ||||||
| Lowe’s Companies, Inc. 3.00% 2050 | 7,647 | 7,705 | ||||||
| Marriott International, Inc. 2.85% 2031 | 11,915 | 11,976 | ||||||
| Marriott International, Inc. 2.75% 2033 | 4,750 | 4,621 | ||||||
| Massachusetts Institute of Technology 2.294% 2051 | 5,025 | 4,900 | ||||||
| McDonald’s Corp. 4.60% 2045 | 1,962 | 2,465 | ||||||
| McDonald’s Corp. 4.45% 2047 | 3,000 | 3,721 | ||||||
| McDonald’s Corp. 3.625% 2049 | 4,467 | 4,988 | ||||||
| Morongo Band of Mission Indians 7.00% 20392 | 5,000 | 6,680 | ||||||
| President & Fellows of Harvard College 2.517% 2050 | 2,730 | 2,851 | ||||||
| Starbucks Corp. 3.10% 2023 | 10,000 | 10,279 | ||||||
| Stellantis Finance US, Inc. 1.711% 20272 | 10,925 | 10,725 | ||||||
| Stellantis Finance US, Inc. 2.691% 20312 | 25,394 | 25,029 | ||||||
| Toyota Motor Corp. 0.681% 2024 | 9,735 | 9,662 | ||||||
| Toyota Motor Credit Corp. 0.80% 2025 | 22,954 | 22,436 | ||||||
| Toyota Motor Credit Corp. 3.00% 2025 | 43,583 | 46,012 | ||||||
| Toyota Motor Credit Corp. 1.15% 2027 | 27,338 | 26,487 | ||||||
| Toyota Motor Credit Corp. 1.90% 2028 | 3,270 | 3,267 | ||||||
| Toyota Motor Credit Corp. 2.15% 2030 | 4,122 | 4,165 | ||||||
| Toyota Motor Credit Corp. 3.375% 2030 | 6,135 | 6,765 | ||||||
| Toyota Motor Credit Corp. 1.65% 2031 | 4,807 | 4,667 | ||||||
| Volkswagen Group of America Finance, LLC 3.125% 20232 | 3,312 | 3,417 | ||||||
| Volkswagen Group of America Finance, LLC 4.25% 20232 | 1,550 | 1,644 | ||||||
| Volkswagen Group of America Finance, LLC 1.25% 20252 | 12,665 | 12,468 | ||||||
| Volkswagen Group of America Finance, LLC 3.20% 20262 | 3,223 | 3,415 | ||||||
| Volkswagen Group of America Finance, LLC 1.625% 20272 | 4,270 | 4,154 | ||||||
| 774,794 | ||||||||
| Real estate 2.45% | ||||||||
| Alexandria Real Estate Equities, Inc. 3.80% 2026 | 1,780 | 1,939 | ||||||
| Alexandria Real Estate Equities, Inc. 4.30% 2026 | 1,400 | 1,548 | ||||||
| Alexandria Real Estate Equities, Inc. 3.95% 2028 | 1,845 | 2,055 | ||||||
| Alexandria Real Estate Equities, Inc. 4.50% 2029 | 605 | 698 | ||||||
| Alexandria Real Estate Equities, Inc. 3.375% 2031 | 17,810 | 19,322 | ||||||
| Alexandria Real Estate Equities, Inc. 1.875% 2033 | 4,292 | 4,047 | ||||||
| Alexandria Real Estate Equities, Inc. 4.85% 2049 | 2,006 | 2,661 | ||||||
| Alexandria Real Estate Equities, Inc. 4.00% 2050 | 845 | 999 | ||||||
| American Campus Communities, Inc. 4.125% 2024 | 1,615 | 1,731 | ||||||
| American Campus Communities, Inc. 3.30% 2026 | 3,468 | 3,694 | ||||||
| American Campus Communities, Inc. 3.625% 2027 | 3,595 | 3,886 | ||||||
| American Campus Communities, Inc. 2.85% 2030 | 7,333 | 7,556 | ||||||
| American Campus Communities, Inc. 3.875% 2031 | 413 | 459 | ||||||
| American Tower Corp. 3.55% 2027 | 6,815 | 7,295 | ||||||
| American Tower Corp. 1.50% 2028 | 30,000 | 28,595 | ||||||
| American Tower Corp. 2.30% 2031 | 14,460 | 14,012 | ||||||
| American Tower Corp. 2.70% 2031 | 22,709 | 22,844 | ||||||
| Corporate Office Properties LP 2.25% 2026 | 8,540 | 8,648 | ||||||
| Crown Castle International Corp. 2.50% 2031 | 42,281 | 41,798 | ||||||
| Equinix, Inc. 2.625% 2024 | 8,452 | 8,718 | ||||||
| Equinix, Inc. 2.90% 2026 | 7,466 | 7,752 | ||||||
| Equinix, Inc. 1.80% 2027 | 5,549 | 5,428 | ||||||
| Equinix, Inc. 1.55% 2028 | 21,505 | 20,746 | ||||||
| Equinix, Inc. 3.20% 2029 | 19,988 | 20,949 | ||||||
| Equinix, Inc. 2.15% 2030 | 16,964 | 16,461 | ||||||
| Equinix, Inc. 2.50% 2031 | 35,828 | 35,489 | ||||||
| Equinix, Inc. 3.00% 2050 | 17,343 | 16,593 | ||||||
| Equinix, Inc. 3.40% 2052 | 6,828 | 7,050 | ||||||
| Essex Portfolio LP 2.55% 2031 | 10,132 | 10,234 | ||||||
| Extra Space Storage, Inc. 2.35% 2032 | 4,563 | 4,439 | ||||||
| Gaming and Leisure Properties, Inc. 3.35% 2024 | 1,865 | 1,941 | ||||||
| Invitation Homes Operating Partnership LP 2.30% 2028 | 10,244 | 10,171 | ||||||
| Public Storage 2.25% 2031 | 9,509 | 9,480 | ||||||
| Public Storage 2.30% 2031 | 9,714 | 9,800 | ||||||
| 16 | Capital Group Central Corporate Bond Fund |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| Corporate bonds, notes & loans (continued) | ||||||||
| Real estate (continued) | ||||||||
| Sun Communities Operating LP 2.30% 2028 | $ | 6,698 | $ | 6,691 | ||||
| Sun Communities Operating LP 2.70% 2031 | 36,970 | 37,074 | ||||||
| Westfield Corp., Ltd. 3.50% 20292 | 497 | 515 | ||||||
| 403,318 | ||||||||
| Materials 1.90% | ||||||||
| Anglo American Capital PLC 2.625% 20302 | 14,497 | 14,216 | ||||||
| Anglo American Capital PLC 5.625% 20302 | 720 | 855 | ||||||
| Anglo American Capital PLC 3.95% 20502 | 664 | 724 | ||||||
| Dow Chemical Co. 4.55% 2025 | 1,165 | 1,288 | ||||||
| Dow Chemical Co. 3.625% 2026 | 4,265 | 4,606 | ||||||
| Dow Chemical Co. 2.10% 2030 | 12,000 | 11,839 | ||||||
| Dow Chemical Co. 4.80% 2049 | 17,551 | 22,805 | ||||||
| Dow Chemical Co. 3.60% 2050 | 39,455 | 43,378 | ||||||
| Glencore Funding, LLC 4.125% 20242 | 12,370 | 13,063 | ||||||
| Huntsman International, LLC 2.95% 2031 | 1,367 | 1,399 | ||||||
| International Flavors & Fragrances, Inc. 1.832% 20272 | 23,682 | 23,358 | ||||||
| International Flavors & Fragrances, Inc. 2.30% 20302 | 28,343 | 27,748 | ||||||
| International Flavors & Fragrances, Inc. 3.468% 20502 | 2,050 | 2,162 | ||||||
| LYB International Finance III, LLC 2.25% 2030 | 5,942 | 5,954 | ||||||
| LYB International Finance III, LLC 3.375% 2040 | 15,336 | 15,992 | ||||||
| LYB International Finance III, LLC 4.20% 2050 | 8,601 | 9,970 | ||||||
| LYB International Finance III, LLC 3.625% 2051 | 3,301 | 3,529 | ||||||
| Mosaic Co. 3.25% 2022 | 663 | 678 | ||||||
| Mosaic Co. 4.05% 2027 | 537 | 591 | ||||||
| Newcrest Finance Pty, Ltd. 3.25% 20302 | 3,739 | 3,971 | ||||||
| Newcrest Finance Pty, Ltd. 4.20% 20502 | 8,109 | 9,514 | ||||||
| Nutrien, Ltd. 1.90% 2023 | 1,152 | 1,168 | ||||||
| Nutrien, Ltd. 5.00% 2049 | 985 | 1,331 | ||||||
| Nutrien, Ltd. 3.95% 2050 | 6,043 | 7,116 | ||||||
| Praxair, Inc. 1.10% 2030 | 32,375 | 30,305 | ||||||
| Praxair, Inc. 2.00% 2050 | 6,029 | 5,413 | ||||||
| Rio Tinto Finance (USA), Ltd. 2.75% 2051 | 13,039 | 13,103 | ||||||
| Sherwin-Williams Company 2.75% 2022 | 312 | 315 | ||||||
| Sherwin-Williams Company 2.95% 2029 | 8,148 | 8,577 | ||||||
| Sherwin-Williams Company 2.20% 2032 | 8,365 | 8,216 | ||||||
| Sherwin-Williams Company 4.50% 2047 | 1,500 | 1,879 | ||||||
| Sherwin-Williams Company 3.80% 2049 | 8,170 | 9,407 | ||||||
| Sherwin-Williams Company 3.30% 2050 | 7,500 | 8,010 | ||||||
| Vale Overseas, Ltd. 3.75% 2030 | 1,720 | 1,732 | ||||||
| 314,212 | ||||||||
| Total corporate bonds, notes & loans | 14,878,575 | |||||||
| U.S. Treasury bonds & notes 5.62% | ||||||||
| U.S. Treasury 5.62% | ||||||||
| U.S. Treasury 0.125% 2022 | 26,476 | 26,479 | ||||||
| U.S. Treasury 0.125% 2022 | 7,067 | 7,056 | ||||||
| U.S. Treasury 0.125% 2023 | 24,648 | 24,422 | ||||||
| U.S. Treasury 0.125% 2023 | 12,922 | 12,839 | ||||||
| U.S. Treasury 0.125% 2023 | 12,534 | 12,457 | ||||||
| U.S. Treasury 0.125% 2023 | 3,192 | 3,176 | ||||||
| U.S. Treasury 0.125% 2023 | 1,894 | 1,890 | ||||||
| U.S. Treasury 0.125% 2023 | 937 | 934 | ||||||
| U.S. Treasury 0.25% 2023 | 8,552 | 8,515 | ||||||
| U.S. Treasury 0.375% 2023 | 2,227 | 2,221 | ||||||
| U.S. Treasury 1.375% 2023 | 5,309 | 5,378 | ||||||
| U.S. Treasury 0.25% 2024 | 3,664 | 3,623 | ||||||
| U.S. Treasury 0.375% 2024 | 5,865 | 5,802 | ||||||
| U.S. Treasury 0.375% 2024 | 2,253 | 2,237 | ||||||
| U.S. Treasury 0.25% 2025 | 2,272 | 2,207 | ||||||
| U.S. Treasury 0.375% 2025 | 3,936 | 3,827 | ||||||
| U.S. Treasury 0.375% 2025 | 2,455 | 2,409 | ||||||
| U.S. Treasury 0.375% 2025 | 766 | 746 | ||||||
| U.S. Treasury 0.50% 2026 | 24,727 | 24,121 | ||||||
| U.S. Treasury 0.75% 2026 | 155,437 | 152,955 | ||||||
| U.S. Treasury 0.75% 2026 | 72,070 | 70,787 | ||||||
| U.S. Treasury 0.875% 20264 | 187,257 | 185,183 | ||||||
| Capital Group Central Corporate Bond Fund | 17 |
| Bonds, notes & other debt instruments (continued) | Principal amount (000) |
Value (000) |
||||||
| U.S. Treasury bonds & notes (continued) | ||||||||
| U.S. Treasury (continued) | ||||||||
| U.S. Treasury 0.875% 2026 | $ | 26,469 | $ | 26,133 | ||||
| U.S. Treasury 1.125% 2026 | 32,198 | 32,160 | ||||||
| U.S. Treasury 1.25% 2026 | 24,958 | 25,074 | ||||||
| U.S. Treasury 0.375% 2027 | 2,432 | 2,313 | ||||||
| U.S. Treasury 0.50% 2027 | 6,770 | 6,513 | ||||||
| U.S. Treasury 0.50% 2027 | 4,418 | 4,236 | ||||||
| U.S. Treasury 0.625% 2027 | 1,710 | 1,644 | ||||||
| U.S. Treasury 1.125% 2028 | 2,518 | 2,495 | ||||||
| U.S. Treasury 1.375% 2028 | 3,478 | 3,480 | ||||||
| U.S. Treasury 1.375% 2031 | 102,264 | 101,669 | ||||||
| U.S. Treasury 1.375% 2040 | 5,768 | 5,315 | ||||||
| U.S. Treasury 1.75% 2041 | 6,424 | 6,302 | ||||||
| U.S. Treasury 2.00% 2041 | 217 | 222 | ||||||
| U.S. Treasury 2.00% 2050 | 26 | 27 | ||||||
| U.S. Treasury 2.00% 20514 | 142,469 | 149,192 | ||||||
| 926,039 | ||||||||
| Asset-backed obligations 0.86% | ||||||||
| Castlelake Aircraft Securitization Trust, Series 2021-2A, Class A, 2.852% 20372,5,6 | 11,960 | 11,895 | ||||||
| CF Hippolyta LLC, Series 2020-1, Class A1, 1.69% 20602,6 | 9,603 | 9,569 | ||||||
| CF Hippolyta LLC, Series 2020-1, Class A2, 1.99% 20602,6 | 740 | 732 | ||||||
| CF Hippolyta LLC, Series 2021-1, Class A1, 1.53% 20612,6 | 6,865 | 6,756 | ||||||
| New Economy Assets Phase 1 Issuer, LLC, Series 2021-1, Class A1, 1.91% 20612,6 | 115,166 | 113,368 | ||||||
| 142,320 | ||||||||
| Bonds & notes of governments & government agencies outside the U.S. 0.08% | ||||||||
| Panama (Republic of) 2.252% 2032 | 10,400 | 9,715 | ||||||
| United Mexican States 3.75% 2071 | 3,690 | 3,274 | ||||||
| 12,989 | ||||||||
| Municipals 0.07% | ||||||||
| California 0.03% | ||||||||
| Golden State Tobacco Securitization Corp., Enhanced Tobacco Settlement Asset-Backed Bonds, Series 2021-B, 2.746% 2034 | 1,600 | 1,650 | ||||||
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.316% 2027 | 2,285 | 2,269 | ||||||
| Regents of the University of California, General Rev. Bonds, Series 2020-BG, 1.614% 2030 | 1,340 | 1,309 | ||||||
| 5,228 | ||||||||
| Ohio 0.04% | ||||||||
| Cleveland-Cuyahoga Port Auth., Federal Lease Rev. Bonds (VA Cleveland Health Care Center Project), Series 2021, 4.425% 2031 | 5,930 | 6,275 | ||||||
| Total municipals | 11,503 | |||||||
| Total bonds, notes & other debt instruments (cost: $15,698,163,000) | 15,971,426 | |||||||
| Short-term securities 2.42% | Shares | |||||||
| Money market investments 2.42% | ||||||||
| Capital Group Central Cash Fund 0.07%7,8 | 3,982,462 | 398,246 | ||||||
| Total short-term securities (cost: $398,246,000) | 398,246 | |||||||
| Total investment securities 99.32% (cost: $16,096,409,000) | 16,369,672 | |||||||
| Other assets less liabilities 0.68% | 112,448 | |||||||
| Net assets 100.00% | $ | 16,482,120 | ||||||
| 18 | Capital Group Central Corporate Bond Fund |
Futures contracts
| Contracts | Type | Number of contracts |
Expiration | Notional amount (000) |
Value and unrealized appreciation (depreciation) at 11/30/2021 (000) |
||||||||||
| 2 Year U.S. Treasury Note Futures | Long | 1,809 | March 2022 | $ | 395,690 | $ | 672 | ||||||||
| 5 Year U.S. Treasury Note Futures | Long | 2,089 | March 2022 | 253,601 | 2,113 | ||||||||||
| 10 Year U.S. Treasury Note Futures | Short | 1,112 | March 2022 | (145,463 | ) | (2,096 | ) | ||||||||
| 10 Year Ultra U.S. Treasury Note Futures | Short | 21,239 | March 2022 | (3,119,810 | ) | (50,048 | ) | ||||||||
| 20 Year U.S. Treasury Bond Futures | Long | 8,543 | March 2022 | 1,385,034 | 26,394 | ||||||||||
| 30 Year Ultra U.S. Treasury Bond Futures | Long | 2,594 | March 2022 | 520,259 | 18,734 | ||||||||||
| $ | (4,231 | ) | |||||||||||||
Swap contracts
Credit default swaps
Centrally cleared credit default swaps on credit indices — sell protection
| Financing rate received |
Payment frequency |
Reference index |
Expiration date |
Notional (000) |
Value at 11/30/2021 (000) |
Upfront premium paid (000) |
Unrealized depreciation at 11/30/2021 (000) |
|||||||||||||||
| 1.00% | Quarterly | CDX.NA.IG.37 | 12/20/2026 | $ | 326,520 | $ | 6,705 | $ | 7,903 | $ | (1,198 | ) | ||||||||||
Investments in affiliates8
| Value of affiliate at 6/1/2021 (000) |
Additions (000) |
Reductions (000) |
Net realized loss (000) |
Net unrealized appreciation (000) |
Value of affiliate at 11/30/2021 (000) |
Dividend income (000) |
||||||||||||||||||
| Short-term securities 2.42% | ||||||||||||||||||||||||
| Money market investments 2.42% | ||||||||||||||||||||||||
| Capital Group Central Cash Fund 0.07%7 | $ | 50 | $ | 2,782,999 | $ | 2,384,750 | $ | (53 | ) | $ | — | 9 | $ | 398,246 | $ | 136 | ||||||||
| 1 | Step bond; coupon rate may change at a later date. |
| 2 | Acquired in a transaction exempt from registration under Rule 144A of the Securities Act of 1933. May be resold in the U.S. in transactions exempt from registration, normally to qualified institutional buyers. The total value of all such securities was $1,663,546,000, which represented 10.09% of the net assets of the fund. |
| 3 | Coupon rate may change periodically. Reference rate and spread are as of the most recent information available. Some coupon rates are determined by the issuer or agent based on current market conditions; therefore, the reference rate and spread are not available. |
| 4 | All or a portion of this security was pledged as collateral. The total value of pledged collateral was $30,932,000, which represented .19% of the net assets of the fund. |
| 5 | Valued under fair value procedures adopted by authority of the board of trustees. The total value of the security was $11,895,000, which represented .07% of the net assets of the fund. |
| 6 | Principal payments may be made periodically. Therefore, the effective maturity date may be earlier than the stated maturity date. |
| 7 | Rate represents the seven-day yield at 11/30/2021. |
| 8 | Part of the same “group of investment companies” as the fund as defined under the Investment Company Act of 1940, as amended. |
| 9 | Amount less than one thousand. |
Key to abbreviations and symbol
Auth. = Authority
LIBOR = London Interbank Offered Rate
Rev. = Revenue
SOFR = Secured Overnight Financing Rate
USD/$ = U.S. dollars
See notes to financial statements.
| Capital Group Central Corporate Bond Fund | 19 |
| Financial statements | |
| Statement of assets and liabilities at November 30, 2021 |
unaudited (dollars in thousands) |
| Assets: | ||||||||
| Investment securities, at value: | ||||||||
| Unaffiliated issuers (cost: $15,698,163) | $ | 15,971,426 | ||||||
| Affiliated issuers (cost: $398,246) | 398,246 | $ | 16,369,672 | |||||
| Cash | 2,800 | |||||||
| Receivables for: | ||||||||
| Sales of investments | 132,673 | |||||||
| Dividends and interest | 102,878 | |||||||
| Variation margin on futures contracts | 24,057 | |||||||
| Variation margin on swap contracts | 9 | 259,617 | ||||||
| 16,632,089 | ||||||||
| Liabilities: | ||||||||
| Payables for: | ||||||||
| Purchases of investments | 124,651 | |||||||
| Trustees’ deferred compensation | 5 | |||||||
| Variation margin on futures contracts | 24,885 | |||||||
| Variation margin on swap contracts | 419 | |||||||
| Other | 9 | 149,969 | ||||||
| Net assets at November 30, 2021 | $ | 16,482,120 | ||||||
| Net assets consist of: | ||||||||
| Capital paid in on shares of beneficial interest | $ | 16,479,957 | ||||||
| Total distributable earnings | 2,163 | |||||||
| Net assets at November 30, 2021 | $ | 16,482,120 |
(dollars and shares in thousands, except per-share amounts)
Shares of beneficial interest issued and outstanding (no stated par value)
—
unlimited shares authorized (1,640,625 total shares outstanding)
| Net assets | Shares outstanding |
Net asset value per share |
||||||||||
| Class M | $ | 16,482,120 | 1,640,625 | $ | 10.05 | |||||||
See notes to financial statements.
| 20 | Capital Group Central Corporate Bond Fund |
| Financial statements (continued) | |
| Statement of operations for the six months ended November 30, 2021 |
unaudited (dollars in thousands) |
| Investment income: | ||||||||
| Income: | ||||||||
| Interest | $ | 189,992 | ||||||
| Dividends from affiliated issuers | 136 | $ | 190,128 | |||||
| Fees and expenses: | ||||||||
| Reports to shareholders | 5 | |||||||
| Registration statement and prospectus | — | * | ||||||
| Trustees’ compensation | 12 | |||||||
| Auditing and legal | 35 | |||||||
| Custodian | 23 | 75 | ||||||
| Net investment income | 190,053 | |||||||
| Net realized loss and unrealized appreciation: | ||||||||
| Net realized (loss) gain on: | ||||||||
| Investments: | ||||||||
| Unaffiliated issuers | (312,397 | ) | ||||||
| Affiliated issuers | (53 | ) | ||||||
| Futures contracts | 42,550 | |||||||
| Swap contracts | 826 | (269,074 | ) | |||||
| Net unrealized appreciation (depreciation) on: | ||||||||
| Investments: | ||||||||
| Unaffiliated issuers | 273,263 | |||||||
| Affiliated issuers | — | * | ||||||
| Futures contracts | (4,231 | ) | ||||||
| Swap contracts | (1,198 | ) | 267,834 | |||||
| Net realized loss and unrealized appreciation | (1,240 | ) | ||||||
| Net increase in net assets resulting from operations | $ | 188,813 |
| * | Amount less than one thousand. |
| Statements of changes in net assets | |
| (dollars in thousands) |
| Six months ended November 30, 20211 |
For the period April 23, 20212, to May 31, 2021 |
|||||||
| Operations: | ||||||||
| Net investment income | $ | 190,053 | $ | — | 3 | |||
| Net realized (loss) gain | (269,074 | ) | — | |||||
| Net unrealized appreciation | 267,834 | — | ||||||
| Net increase in net assets resulting from operations | 188,813 | — | 3 | |||||
| Distributions paid or accrued to shareholders | (186,650 | ) | — | |||||
| Net capital share transactions | 16,479,857 | 100 | ||||||
| Total increase in net assets | 16,482,020 | 100 | ||||||
| Net assets: | ||||||||
| Beginning of period | 100 | — | ||||||
| End of period | $ | 16,482,120 | $ | 100 | ||||
| 1 | Unaudited. |
| 2 | Commencement of operations. |
| 3 | Amount less than one thousand. |
See notes to financial statements.
| Capital Group Central Corporate Bond Fund | 21 |
| Notes to financial statements | unaudited |
1. Organization
Capital Group Central Fund Series II (the “trust”) is registered under the Investment Company Act of 1940, as amended (the “1940 Act”), as an open-end, diversified management investment company and has issued one series of shares, Capital Group Central Corporate Bond Fund (“the fund”). The fund seeks to provide maximum total return consistent with capital preservation and prudent risk management.
The fund serves as a corporate bond portfolio for Capital Group and other funds, investment vehicles and accounts advised by Capital Group affiliates, and is not available to the public.
2. Significant accounting policies
The fund is an investment company that applies the accounting and reporting guidance issued in Topic 946 by the U.S. Financial Accounting Standards Board. The fund’s financial statements have been prepared to comply with U.S. generally accepted accounting principles (“U.S. GAAP”). These principles require the fund’s investment adviser to make estimates and assumptions that affect reported amounts and disclosures. Actual results could differ from those estimates. Subsequent events, if any, have been evaluated through the date of issuance in the preparation of the financial statements. The fund follows the significant accounting policies described in this section, as well as the valuation policies described in the next section on valuation.
Security transactions and related investment income — Security transactions are recorded by the fund as of the date the trades are executed with brokers. Realized gains and losses from security transactions are determined based on the specific identified cost of the securities. In the event a security is purchased with a delayed payment date, the fund will segregate liquid assets sufficient to meet its payment obligations. Dividend income is recognized on the ex-dividend date and interest income is recognized on an accrual basis. Market discounts, premiums and original issue discounts on fixed-income securities are amortized daily over the expected life of the security.
Distributions paid or accrued to shareholders — Income dividends are declared daily after the determination of the fund’s net investment income and are paid to shareholders monthly. Capital gain distributions are recorded on the ex-dividend date.
3. Valuation
Capital Research and Management Company (“CRMC”), the fund’s investment adviser, values the fund’s investments at fair value as defined by U.S. GAAP. The net asset value per share is calculated once daily as of the close of regular trading on the New York Stock Exchange, normally 4 p.m. New York time, each day the New York Stock Exchange is open.
Methods and inputs — The fund’s investment adviser uses the following methods and inputs to establish the fair value of the fund’s assets and liabilities. Use of particular methods and inputs may vary over time based on availability and relevance as market and economic conditions evolve.
Fixed-income securities, including short-term securities, are generally valued at prices obtained from one or more pricing vendors. Vendors value such securities based on one or more of the inputs described in the following table. The table provides examples of inputs
| 22 | Capital Group Central Corporate Bond Fund |
that are commonly relevant for valuing particular classes of fixed-income securities in which the fund is authorized to invest. However, these classifications are not exclusive, and any of the inputs may be used to value any other class of fixed-income security.
| Fixed-income class | Examples of standard inputs | |
| All | Benchmark yields, transactions, bids, offers, quotations from dealers and trading systems, new issues, spreads and other relationships observed in the markets among comparable securities; and proprietary pricing models such as yield measures calculated using factors such as cash flows, financial or collateral performance and other reference data (collectively referred to as “standard inputs”) | |
| Corporate bonds, notes & loans; convertible securities | Standard inputs and underlying equity of the issuer | |
| Bonds & notes of governments & government agencies | Standard inputs and interest rate volatilities | |
| Mortgage-backed; asset-backed obligations | Standard inputs and cash flows, prepayment information, default rates, delinquency and loss assumptions, collateral characteristics, credit enhancements and specific deal information | |
| Municipal securities | Standard inputs and, for certain distressed securities, cash flows or liquidation values using a net present value calculation based on inputs that include, but are not limited to, financial statements and debt contracts |
When the fund’s investment adviser deems it appropriate to do so (such as when vendor prices are unavailable or deemed to be not representative), fixed-income securities will be valued in good faith at the mean quoted bid and ask prices that are reasonably and timely available (or bid prices, if ask prices are not available) or at prices for securities of comparable maturity, quality and type. The Capital Group Central Cash Fund (“CCF”), a fund within the Capital Group Central Fund Series (“Central Funds”), is valued based upon a floating net asset value, which fluctuates with changes in the value of CCF’s portfolio securities. The underlying securities are valued based on the policies and procedures in CCF’s statement of additional information.
Exchange-traded futures are generally valued at the official settlement price of the exchange or market on which such instruments are traded, as of the close of business on the day the futures are being valued. Credit default swaps are generally valued by pricing vendors based on market inputs that include the index and term of index, reset frequency, payer/receiver, currency and pay frequency.
Securities and other assets for which representative market quotations are not readily available or are considered unreliable by the fund’s investment adviser are fair valued as determined in good faith under fair valuation guidelines adopted by authority of the fund’s board of trustees as further described. The investment adviser follows fair valuation guidelines, consistent with U.S. Securities and Exchange Commission rules and guidance, to consider relevant principles and factors when making fair value determinations. The investment adviser considers relevant indications of value that are reasonably and timely available to it in determining the fair value to be assigned to a particular security, such as the type and cost of the security; contractual or legal restrictions on resale of the security; relevant financial or business developments of the issuer; actively traded similar or related securities; conversion or exchange rights on the security; related corporate actions; significant events occurring after the close of trading in the security; and changes in overall market conditions. In addition, the closing prices of equity securities that trade in markets outside U.S. time zones may be adjusted to reflect significant events that occur after the close of local trading but before the net asset value of each share class of the fund is determined. Fair valuations and valuations of investments that are not actively trading involve judgment and may differ materially from valuations that would have been used had greater market activity occurred.
Processes and structure — The fund’s board of trustees has delegated authority to the fund’s investment adviser to make fair value determinations, subject to board oversight. The investment adviser has established a Joint Fair Valuation Committee (the “Fair Valuation Committee”) to administer, implement and oversee the fair valuation process, and to make fair value decisions. The Fair Valuation Committee regularly reviews its own fair value decisions, as well as decisions made under its standing instructions to the investment adviser’s valuation teams. The Fair Valuation Committee reviews changes in fair value measurements from period to period and may, as deemed appropriate, update the fair valuation guidelines to better reflect the results of back testing and address new or evolving issues. The Fair Valuation Committee reports any changes to the fair valuation guidelines to the board of trustees. The fund’s board and audit committee also regularly review reports that describe fair value determinations and methods.
The fund’s investment adviser has also established a Fixed-Income Pricing Review Group to administer and oversee the fixed-income valuation process, including the use of fixed-income pricing vendors. This group regularly reviews pricing vendor information and market data. Pricing decisions, processes and controls over security valuation are also subject to additional internal reviews facilitated by the investment adviser’s global risk management group.
| Capital Group Central Corporate Bond Fund | 23 |
Classifications — The fund’s investment adviser classifies the fund’s assets and liabilities into three levels based on the inputs used to value the assets or liabilities. Level 1 values are based on quoted prices in active markets for identical securities. Level 2 values are based on significant observable market inputs, such as quoted prices for similar securities and quoted prices in inactive markets. Certain securities trading outside the U.S. may transfer between Level 1 and Level 2 due to valuation adjustments resulting from significant market movements following the close of local trading. Level 3 values are based on significant unobservable inputs that reflect the investment adviser’s determination of assumptions that market participants might reasonably use in valuing the securities. The valuation levels are not necessarily an indication of the risk or liquidity associated with the underlying investment. For example, U.S. government securities are reflected as Level 2 because the inputs used to determine fair value may not always be quoted prices in an active market. The following tables present the fund’s valuation levels as of November 30, 2021 (dollars in thousands):
| Investment securities | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Bonds, notes & other debt instruments: | ||||||||||||||||
| Corporate bonds, notes & loans | $ | — | $ | 14,878,575 | $ | — | $ | 14,878,575 | ||||||||
| U.S. Treasury bonds & notes | — | 926,039 | — | 926,039 | ||||||||||||
| Asset-backed obligations | — | 142,320 | — | 142,320 | ||||||||||||
| Bonds & notes of governments & government agencies outside the U.S. | — | 12,989 | — | 12,989 | ||||||||||||
| Municipals | — | 11,503 | — | 11,503 | ||||||||||||
| Short-term securities | 398,246 | — | — | 398,246 | ||||||||||||
| Total | $ | 398,246 | $ | 15,971,426 | $ | — | $ | 16,369,672 | ||||||||
| Other investments* | ||||||||||||||||
| Level 1 | Level 2 | Level 3 | Total | |||||||||||||
| Assets: | ||||||||||||||||
| Unrealized appreciation on futures contracts | $ | 47,913 | $ | — | $ | — | $ | 47,913 | ||||||||
| Liabilities: | ||||||||||||||||
| Unrealized depreciation on futures contracts | (52,144 | ) | — | — | (52,144 | ) | ||||||||||
| Unrealized depreciation on credit default swaps | — | (1,198 | ) | — | (1,198 | ) | ||||||||||
| Total | $ | (4,231 | ) | $ | (1,198 | ) | $ | — | $ | (5,429 | ) | |||||
| * | Futures contracts and credit default swaps are not included in the fund’s investment portfolio. |
4. Risk factors
Investing in the fund may involve certain risks including, but not limited to, those described below.
Market conditions — The prices of, and the income generated by, the securities held by the fund may decline – sometimes rapidly or unpredictably – due to various factors, including events or conditions affecting the general economy or particular industries; overall market changes; local, regional or global political, social or economic instability; governmental, governmental agency or central bank responses to economic conditions; and currency exchange rate, interest rate and commodity price fluctuations.
Economies and financial markets throughout the world are highly interconnected. Economic, financial or political events, trading and tariff arrangements, wars, terrorism, cybersecurity events, natural disasters, public health emergencies (such as the spread of infectious disease) and other circumstances in one country or region, including actions taken by governmental or quasi-governmental authorities in response to any of the foregoing, could have impacts on global economies or markets. As a result, whether or not the fund invests in securities of issuers located in or with significant exposure to the countries affected, the value and liquidity of the fund’s investments may be negatively affected by developments in other countries and regions.
Issuer risks — The prices of, and the income generated by, securities held by the fund may decline in response to various factors directly related to the issuers of such securities, including reduced demand for an issuer’s goods or services, poor management performance, major litigation, investigations or other controversies related to the issuer, changes in government regulations affecting the issuer or its competitive environment and strategic initiatives such as mergers, acquisitions or dispositions and the market response to any such initiatives.
| 24 | Capital Group Central Corporate Bond Fund |
Investing in debt instruments — The prices of, and the income generated by, bonds and other debt securities held by the fund may be affected by factors such as the interest rates, maturities and credit ratings of these securities.
Rising interest rates will generally cause the prices of bonds and other debt securities to fall. A general rise in interest rates may cause investors to sell debt securities on a large scale, which could also adversely affect the price and liquidity of debt securities and could also result in increased redemptions from the fund. Falling interest rates may cause an issuer to redeem, call or refinance a debt security before its stated maturity, which may result in the fund failing to recoup the full amount of its initial investment and having to reinvest the proceeds in lower yielding securities. Longer maturity debt securities generally have greater sensitivity to changes in interest rates and may be subject to greater price fluctuations than shorter maturity debt securities.
Bonds and other debt securities are also subject to credit risk, which is the possibility that the credit strength of an issuer or guarantor will weaken or be perceived to be weaker, and/or an issuer of a debt security will fail to make timely payments of principal or interest and the security will go into default. A downgrade or default affecting any of the fund’s securities could cause the value of the fund’s shares to decrease. Lower quality debt securities generally have higher rates of interest and may be subject to greater price fluctuations than higher quality debt securities. Credit risk is gauged, in part, by the credit ratings of the debt securities in which the fund invests. However, ratings are only the opinions of the rating agencies issuing them and are not guarantees as to credit quality or an evaluation of market risk. The fund’s investment adviser relies on its own credit analysts to research issuers and issues in seeking to assess credit and default risks.
Investing in securities backed by the U.S. government — Securities backed by the U.S. Treasury or the full faith and credit of the U.S. government are guaranteed only as to the timely payment of interest and principal when held to maturity. Accordingly, the current market values for these securities will fluctuate with changes in interest rates and the credit rating of the U.S. government. Securities issued by government-sponsored entities and federal agencies and instrumentalities that are not backed by the full faith and credit of the U.S. government are neither issued nor guaranteed by the U.S. government.
Investing in derivatives — The use of derivatives involves a variety of risks, which may be different from, or greater than, the risks associated with investing in traditional securities, such as stocks and bonds. Changes in the value of a derivative may not correlate perfectly with, and may be more sensitive to market events than, the underlying asset, rate or index, and a derivative instrument may expose the fund to losses in excess of its initial investment. Derivatives may be difficult to value, difficult for the fund to buy or sell at an opportune time or price and difficult, or even impossible, to terminate or otherwise offset. The fund’s use of derivatives may result in losses to the fund, and investing in derivatives may reduce the fund’s returns and increase the fund’s price volatility. The fund’s counterparty to a derivative transaction (including, if applicable, the fund’s clearing broker, the derivatives exchange or the clearinghouse) may be unable or unwilling to honor its financial obligations in respect of the transaction. In certain cases, the fund may be hindered or delayed in exercising remedies against or closing out derivative instruments with a counterparty, which may result in additional losses.
Liquidity risk — Certain fund holdings may be or may become difficult or impossible to sell, particularly during times of market turmoil. Liquidity may be impacted by the lack of an active market for a holding, legal or contractual restrictions on resale, or the reduced number and capacity of market participants to make a market in such holding. Market prices for less liquid or illiquid holdings may be volatile, and reduced liquidity may have an adverse impact on the market price of such holdings. Additionally, the sale of less liquid or illiquid holdings may involve substantial delays (including delays in settlement) and additional costs and the fund may be unable to sell such holdings when necessary to meet its liquidity needs or may be forced to sell at a loss.
Investing outside the U.S. — Securities of issuers domiciled outside the U.S., or with significant operations or revenues outside the U.S., may lose value because of adverse political, social, economic or market developments (including social instability, regional conflicts, terrorism and war) in the countries or regions in which the issuers operate or generate revenue. These securities may also lose value due to changes in foreign currency exchange rates against the U.S. dollar and/or currencies of other countries. Issuers of these securities may be more susceptible to actions of foreign governments, such as nationalization, currency blockage or the imposition of price controls or punitive taxes, each of which could adversely impact the value of these securities. Securities markets in certain countries may be more volatile and/or less liquid than those in the United States. Investments outside the U.S. may also be subject to different accounting and auditing practices and standards and different regulatory, legal and reporting requirements, and may be more difficult to value, than those in the U.S. In addition, the value of investments outside the U.S. may be reduced by foreign taxes, including foreign withholding taxes on interest and dividends. Further, there may be increased risks of delayed settlement of securities purchased or sold by the fund. The risks of investing outside the U.S. may be heightened in connection with investments in emerging markets.
Investing in emerging markets — Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For instance, emerging market countries tend to have less developed political, economic and legal systems and accounting and auditing practices and standards than those in developed
| Capital Group Central Corporate Bond Fund | 25 |
countries. Accordingly, the governments of these countries may be less stable and more likely to intervene in the market economy, for example, by imposing capital controls, nationalizing a company or industry, placing restrictions on foreign ownership and on withdrawing sale proceeds of securities from the country, and/or imposing punitive taxes that could adversely affect the prices of securities. Information regarding issuers in emerging markets may be limited, incomplete or inaccurate, and there may be fewer rights and remedies available to the fund and its shareholders. In addition, the economies of these countries may be dependent on relatively few industries and may be more susceptible to changes in local and global trade conditions and downturns in the world economy. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets. Less certainty with respect to security valuations may lead to additional challenges and risks in calculating the fund’s net asset value. Additionally, emerging markets are more likely to experience problems with the clearing and settling of trades and the holding of securities by banks, agents and depositories that are less established than those in developed countries.
Management — The investment adviser to the fund actively manages the fund’s investments. Consequently, the fund is subject to the risk that the methods and analyses, including models, tools and data, employed by the investment adviser in this process may be flawed or incorrect and may not produce the desired results. This could cause the fund to lose value or its investment results to lag relevant benchmarks or other funds with similar objectives.
5. Certain investment techniques
Futures contracts — The fund has entered into futures contracts, which provide for the future sale by one party and purchase by another party of a specified amount of a specific financial instrument for a specified price, date, time and place designated at the time the contract is made. Futures contracts are used to strategically manage the fund’s interest rate sensitivity by increasing or decreasing the duration of the fund or a portion of the fund’s portfolio.
Upon entering into futures contracts, and to maintain the fund’s open positions in futures contracts, the fund is required to deposit with a futures broker, known as a futures commission merchant (“FCM”), in a segregated account in the name of the FCM an amount of cash, U.S. government securities or other liquid securities, known as initial margin. The margin required for a particular futures contract is set by the exchange on which the contract is traded to serve as collateral, and may be significantly modified from time to time by the exchange during the term of the contract.
On a daily basis, the fund pays or receives variation margin based on the increase or decrease in the value of the futures contracts and records variation margin on futures contracts in the statement of assets and liabilities. In addition, the fund segregates liquid assets equivalent to the fund’s outstanding obligations under the contract in excess of the initial margin and variation margin, if any. Futures contracts may involve a risk of loss in excess of the variation margin shown on the fund’s statement of assets and liabilities. The fund records realized gains or losses at the time the futures contract is closed or expires. Net realized gains or losses and net unrealized appreciation or depreciation from futures contracts are recorded in the fund’s statement of operations. The average month-end notional amount of futures contracts while held was $5,621,551,000.
Credit default swap indices — The fund has entered into centrally cleared credit default swap agreements on credit indices (“CDSI”) that involve one party (the protection buyer) making a stream of payments to another party (the protection seller) in exchange for the right to receive a specified return upon the occurrence of a credit event, such as a default or restructuring, with respect to any of the underlying issuers (reference obligations) in the referenced index. The fund’s investment adviser uses credit default swaps to assume exposure to a diversified portfolio of credits or to hedge against existing credit risks.
CDSI are portfolios of credit instruments or exposures designed to be representative of some part of the credit market, such as the high-yield or investment-grade credit market. CDSI are generally traded using standardized terms, including a fixed spread and standard maturity dates, and reference all the names in the index. If there is a credit event, it is settled based on that name’s weight in the index. The composition of the underlying issuers or obligations within a particular index may change periodically, usually every six months. A specified credit event may affect all or individual underlying reference obligations included in the index, and will be settled based upon the relative weighting of the affected obligation(s) within the index. The value of each CDSI can be used as a measure of the current payment/performance risk of the CDSI and represents the likelihood of an expected liability or profit should the notional amount of the CDSI be closed or sold as of the period end. An increasing value, as compared to the notional amount of the CDSI, represents a deterioration of the referenced indices’ credit soundness and a greater likelihood of risk of default or other credit event occurring as defined under the terms of the agreement. When the fund provides sell protection, its maximum exposure is the notional amount of the credit default swap agreement.
| 26 | Capital Group Central Corporate Bond Fund |
Upon entering into a centrally cleared CDSI contract, the fund is required to deposit with a derivatives clearing member (“DCM”) in a segregated account in the name of the DCM an amount of cash, U.S. government securities or other liquid securities, which is known as initial margin. Generally, the initial margin required for a particular credit default swap is set and held as collateral by the clearinghouse on which the contract is cleared. The amount of initial margin required may be significantly modified from time to time by the clearinghouse during the term of the contract.
On a daily basis, interest accruals related to the exchange of future payments are recorded as a receivable and payable in the fund’s statement of assets and liabilities. The fund also pays or receives a variation margin based on the increase or decrease in the value of the CDSI, and records variation margin in the statement of assets and liabilities. The fund records realized gains and losses on both the net accrued interest and any gain or loss recognized at the time the swap is closed or expires. Net realized gains or losses, as well as any net unrealized appreciation or depreciation, from credit default swaps are recorded in the fund’s statement of operations. The average month-end notional amount of credit default swaps while held was $255,889,000.
The following tables identify the location and fair value amounts on the fund’s statement of assets and liabilities and the effect on the fund’s statement of operations resulting from the fund’s use of futures contracts and credit default swaps as of, or for the six months ended, November 30, 2021 (dollars in thousands):
| Assets | Liabilities | |||||||||||||
| Contracts | Risk type | Location on statement of assets and liabilities |
Value | Location on statement of assets and liabilities |
Value | |||||||||
| Futures | Interest | Unrealized appreciation* | $ | 47,913 | Unrealized depreciation* | $ | 52,144 | |||||||
| Swap | Credit | Unrealized appreciation* | — | Unrealized depreciation* | 1,198 | |||||||||
| $ | 47,913 | $ | 53,342 | |||||||||||
| Net realized gain | Net unrealized depreciation | |||||||||||||
| Contracts | Risk type | Location on statement of operations | Value | Location on statement of operations | Value | |||||||||
| Futures | Interest | Net realized gain on futures contracts | $ | 42,550 | Net unrealized depreciation on futures contracts | $ | (4,231 | ) | ||||||
| Swap | Credit | Net realized gain on swap contracts | 826 | Net unrealized depreciation on swap contracts | (1,198 | ) | ||||||||
| $ | 43,376 | $ | (5,429 | ) | ||||||||||
| * | Includes cumulative appreciation/depreciation on futures contracts and credit default swaps as reported in the applicable tables following the fund’s investment portfolio. Only current day’s variation margin is reported within the fund’s statement of assets and liabilities. |
Collateral — The fund receives or pledges highly liquid assets, such as cash or U.S. government securities, as collateral due to its use of futures contracts and credit default swaps. The purpose of the collateral is to cover potential losses that could occur in the event that either party cannot meet its contractual obligation. Non-cash collateral pledged by the fund, if any, is disclosed in the fund’s investment portfolio, and cash collateral pledged by the fund, if any, is held in a segregated account with the fund’s custodian, which is reflected as pledged cash collateral in the fund’s statement of assets and liabilities.
6. Taxation and distributions
Federal income taxation — The fund complies with the requirements under Subchapter M of the Internal Revenue Code applicable to regulated investment companies and intends to distribute substantially all of its net taxable income and net capital gains each year. The fund is not subject to income taxes to the extent such distributions are made. Therefore, no federal income tax provision is required.
As of and during the period ended November 30, 2021, the fund did not have a liability for any unrecognized tax benefits. The fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the statement of operations. During the period, the fund did not incur any significant interest or penalties.
The fund’s tax returns are generally not subject to examination by federal, state and, if applicable, non-U.S. tax authorities after the expiration of each jurisdiction’s statute of limitations, which is typically three years after the date of filing but can be extended in certain jurisdictions.
| Capital Group Central Corporate Bond Fund | 27 |
Non-U.S. taxation — Dividend and interest income are recorded net of non-U.S. taxes paid. The fund may file withholding tax reclaims in certain jurisdictions to recover a portion of amounts previously withheld. These reclaims are recorded when the amount is known and there are no significant uncertainties on collectability. Gains realized by the fund on the sale of securities in certain countries, if any, may be subject to non-U.S. taxes. If applicable, the fund records an estimated deferred tax liability based on unrealized gains to provide for potential non-U.S. taxes payable upon the sale of these securities.
Distributions — Distributions determined on a tax basis may differ from net investment income and net realized gains for financial reporting purposes. These differences are due primarily to different treatment for items such as short-term capital gains and losses; capital losses related to sales of certain securities within 30 days of purchase; cost of investments sold; amortization of premiums and discounts and income on certain investments. The fiscal year in which amounts are distributed may differ from the year in which the net investment income and net realized gains are recorded by the fund for financial reporting purposes.
The components of distributable earnings on a tax basis are reported as of the fund’s most recent year-end. As of May 31, 2021, the components of distributable earnings on a tax basis were as follows (dollars in thousands):
| Undistributed ordinary income | $ | — | * |
| * | Amount less than one thousand. |
As of November 30, 2021, the tax basis unrealized appreciation (depreciation) and cost of investments were as follows (dollars in thousands):
| Gross unrealized appreciation on investments | $ | 456,023 | ||
| Gross unrealized depreciation on investments | (199,836 | ) | ||
| Net unrealized appreciation on investments | 256,187 | |||
| Cost of investments | 16,100,153 |
No distributions were paid to shareholders during the period from April 23, 2021, commencement of operations, to May 31, 2021. Tax-basis distributions paid or accrued to shareholders from ordinary income were $186,650,000 during the six months ended November 30, 2021.
7. Fees and transactions with related parties
CRMC, the fund’s investment adviser, is the parent company of American Funds Distributors®, Inc. (“AFD”), the principal underwriter of the fund’s shares, and American Funds Service Company® (“AFS”), the fund’s transfer agent. CRMC, AFD and AFS are considered related parties to the fund.
Transfer agent services — The fund has a shareholder services agreement with AFS under which the fund compensates AFS for providing transfer agent services to the fund. These services include recordkeeping and transaction processing.
Trustees’ deferred compensation — Trustees who are unaffiliated with CRMC may elect to defer the cash payment of part or all of their compensation. These deferred amounts, which remain as liabilities of the fund, are treated as if invested in shares of the fund or other American Funds. These amounts represent general, unsecured liabilities of the fund and vary according to the total returns of the selected funds. Trustees’ compensation in the fund’s statement of operations reflects the current fees (either paid in cash or deferred) and a net increase or decrease in the value of the deferred amounts.
Affiliated officers and trustees — Officers and certain trustees of the fund are or may be considered to be affiliated with CRMC, AFD and AFS. No affiliated officers or trustees received any compensation directly from the fund.
Investment in CCF — The fund holds shares of CCF, an institutional prime money market fund managed by CRMC. CCF invests in high-quality, short-term money market instruments. CCF is used as the primary investment vehicle for the fund’s short-term instruments. CCF shares are only available for purchase by CRMC, its affiliates, and other funds managed by CRMC or its affiliates, and are not available to the public. CRMC does not receive an investment advisory services fee from CCF.
| 28 | Capital Group Central Corporate Bond Fund |
Security transactions with related funds — The fund purchased securities from, and sold securities to, other funds managed by CRMC (or funds managed by certain affiliates of CRMC) under procedures adopted by the fund’s board of trustees. The funds involved in such transactions are considered related by virtue of having a common investment adviser (or affiliated investment advisers), common trustees and/or common officers. Each transaction was executed at the current market price of the security and no brokerage commissions or fees were paid in accordance with Rule 17a-7 of the 1940 Act. During the six months ended November 30, 2021, the fund engaged in such purchase and sale transactions with related funds in the amounts of $1,653,797,000 and $23,235,000, respectively, which generated $893,000 of net realized losses from such sales.
Interfund lending — Pursuant to an exemptive order issued by the SEC, the fund, along with other CRMC-managed funds (or funds managed by certain affiliates of CRMC), may participate in an interfund lending program. The program provides an alternate credit facility that permits the funds to lend or borrow cash for temporary purposes directly to or from one another, subject to the conditions of the exemptive order. The fund did not lend or borrow cash through the interfund lending program at any time during the six months ended November 30, 2021.
8. Indemnifications
The fund’s organizational documents provide board members and officers with indemnification against certain liabilities or expenses in connection with the performance of their duties to the fund. In the normal course of business, the fund may also enter into contracts that provide general indemnifications. The fund’s maximum exposure under these arrangements is unknown since it is dependent on future claims that may be made against the fund. The risk of material loss from such claims is considered remote. Insurance policies are also available to the fund’s board members and officers.
9. Capital share transactions
Capital share transactions in the fund were as follows (dollars and shares in thousands):
| Sales | Reinvestments of distributions |
Repurchases | Net increase | |||||||||||||||||||||||||||||
| Share class | Amount | Shares | Amount | Shares | Amount | Shares | Amount | Shares | ||||||||||||||||||||||||
| Six months ended November 30, 2021 | ||||||||||||||||||||||||||||||||
| Class M | $ | 16,484,855 | 1,641,121 | $ | 186,650 | 18,459 | $ | (191,648 | ) | (18,965 | ) | $ | 16,479,857 | 1,640,615 | ||||||||||||||||||
| For the period April 23, 2021*, through May 31, 2021 | ||||||||||||||||||||||||||||||||
| Class M | $ | 100 | 10 | $ | — | — | $ | — | † | — | † | $ | 100 | 10 | ||||||||||||||||||
| * | Commencement of operations. |
| † | Amount less than one thousand. |
10. Investment transactions
The fund made purchases and sales of investment securities, excluding short-term securities and U.S. government obligations, if any, of $17,957,176,000 and $3,263,834,000, respectively, during the six months ended November 30, 2021.
| Capital Group Central Corporate Bond Fund | 29 |
Financial highlights
| Income from investment operations1 | ||||||||||||||||||||||||||||||||||||||||
| Period ended | Net asset value, beginning of period |
Net investment income |
Net gains on securities (both realized and unrealized) |
Total from investment operations |
Dividends (from net investment income) |
Net asset value, end of period |
Total return |
Net assets, end of period (in millions) |
Ratio of expenses to average net assets2 |
Ratio of net income to average net assets |
||||||||||||||||||||||||||||||
| Class M: | ||||||||||||||||||||||||||||||||||||||||
| 11/30/20213,4 | $ | 10.00 | $ | .12 | $ | .05 | $ | .17 | $ | (.12 | ) | $ | 10.05 | 1.69 | %5 | $ | 16,482 | — | %6,7 | 2.46 | %7 | |||||||||||||||||||
| 5/31/20213,8 | 10.00 | — | 9 | — | — | 9 | — | 10.00 | .00 | — | 10 | — | — | 5,6 | ||||||||||||||||||||||||||
| Six months ended November 30, 20213,4,5 |
Period ended May 31, 20213,8 | |||||||
| Portfolio turnover rate for all share classes11 | 43 | % | —% | 12 | ||||
| 1 | Based on average shares outstanding. |
| 2 | Ratios do not include expenses of any Central Funds. The fund indirectly bears its proportionate share of the expenses of any Central Funds. |
| 3 | Based on operations for a period that is less than a full year. |
| 4 | Unaudited. |
| 5 | Not annualized. |
| 6 | Amount less than .01%. |
| 7 | Annualized. |
| 8 | For the period April 23, 2021, commencement of operations, through May 31, 2021. |
| 9 | Amount less than $.01. |
| 10 | Amount less than $1 million. |
| 11 | Rates do not include the fund’s portfolio activity with respect to any Central Funds. |
| 12 | There was no turnover. |
See notes to financial statements.
| 30 | Capital Group Central Corporate Bond Fund |
| Expense example | unaudited |
This example is intended to help you understand your ongoing costs (in dollars) of investing in the fund so you can compare these costs with the ongoing costs of investing in other mutual funds. The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire six-month period (June 1, 2021, through November 30, 2021).
Actual expenses:
The first line in the table provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading titled “Expenses paid during period” to estimate the expenses you paid on your account during this period.
Hypothetical example for comparison purposes:
The second line in the table provides information about hypothetical account values and hypothetical expenses based on the actual expense ratio for the share class and an assumed rate of return of 5.00% per year before expenses, which is not the actual return of the share class. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the fund and other funds. To do so, compare this 5.00% hypothetical example with the 5.00% hypothetical examples that appear in the shareholder reports of the other funds.
Note that the expenses shown in the table are meant to highlight your ongoing costs only. Therefore, the second line of each share class in the table is useful in comparing ongoing costs only and will not help you determine the relative total costs of owning different funds.
| Beginning account value 6/1/2021 |
Ending account value 11/30/2021 |
Expenses paid during period1 |
Annualized expense ratio |
|||||||||||||
| Class M – actual return | $ | 1,000.00 | $ | 1,016.88 | $ | — | 2 | — | %3 | |||||||
| Class M – assumed 5% return | 1,000.00 | 1,025.07 | — | 2 | — | 3 | ||||||||||
| 1 | The “expenses paid during period” are equal to the “annualized expense ratio,” multiplied by the average account value over the period, multiplied by the number of days in the period, and divided by 365 (to reflect the one-half year period). |
| 2 | Amount less than $.01. |
| 3 | Amount less than .01%. |
| Capital Group Central Corporate Bond Fund | 31 |
Office of the fund
6455 Irvine Center Drive
Irvine, CA 92618-4518
Investment adviser
Capital Research and Management Company
333 South Hope Street Los
Angeles, CA 90071-1406
Transfer agent for shareholder accounts
American Funds Service Company
(Write to the address nearest you.)
P.O. Box 6007
Indianapolis, IN 46206-6007
P.O. Box 2280
Norfolk, VA 23501-2280
Custodian of assets
State Street Bank and Trust Company
One Lincoln Street
Boston, MA 02111
Counsel
Morgan, Lewis & Bockius LLP
One Federal Street
Boston, MA 02110-1726
Independent registered public accounting firm
PricewaterhouseCoopers LLP
601 South Figueroa Street
Los Angeles, CA 90017-3874
Distributor
American Funds Distributors, Inc.
333 South Hope Street
Los Angeles, CA 90071-1406
| 32 | Capital Group Central Corporate Bond Fund |
Investors should carefully consider investment objectives, risks, charges and expenses. This and other important information is contained in the fund’s registration statement, which can be obtained from the fund’s website and should be read carefully before investing. You may also call American Funds Service Company (AFS) at (800) 421-4225 or visit the Capital Group website at capitalgroup.com.
“American Funds Proxy Voting Procedures and Principles” — which describes how we vote proxies relating to portfolio securities — is available on our website or upon request by calling AFS. The fund files its proxy voting record with the U.S. Securities and Exchange Commission (SEC) for the 12 months ended June 30 by August 31. The proxy voting record is available free of charge on the SEC website at sec.gov and on our website.
Capital Group Central Corporate Bond Fund files a complete list of its portfolio holdings for the first and third quarters of each fiscal year on Form NPORT-P. The list of portfolio holdings is available free of charge on the SEC website and on our website.
American Funds Distributors, Inc., member FINRA.
The Capital Advantage®
Since 1931, Capital Group, home of American Funds, has helped investors pursue long-term investment success. Our consistent approach — in combination with The Capital SystemSM — has resulted in superior outcomes.
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Aligned with investor success We base our decisions on a long-term perspective, which we believe aligns our goals with the interests of our clients. Our portfolio managers average 27 years of investment industry experience, including 21 years at our company, reflecting a career commitment to our long-term approach.1
The Capital System The Capital System combines individual accountability with teamwork. Funds using The Capital System are divided into portions that are managed independently by investment professionals with diverse backgrounds, ages and investment approaches. An extensive global research effort is the backbone of our system.
American Funds’ superior outcomes Equity funds have beaten their Lipper peer indexes in 91% of 10-year periods and 98% of 20-year periods.2 Fixed income funds have helped investors achieve diversification through attention to correlation between bonds and equities.3 Fund management fees have been among the lowest in the industry.4
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| 1 | Investment industry experience as of December 31, 2020. | |
| 2 | Based on Class F-2 share results for rolling calendar-year periods starting the first full calendar year after each fund’s inception through December 31, 2020. Periods covered are the shorter of the fund’s lifetime or since the comparable Lipper index inception date (except Capital Income Builder and SMALLCAP World Fund, for which the Lipper average was used). Expenses differ for each share class, so results will vary. | |
| 3 | Based on Class F-2 share results as of December 31, 2020. Thirteen of the 17 fixed income American Funds that have been in existence for the three-year period showed a three-year correlation below 0.3. Standard & Poor’s 500 Index was used as an equity market proxy. Correlation based on monthly total returns. Correlation is a statistical measure of how two securities move in relation to each other. A correlation ranges from –1 to 1. A positive correlation close to 1 implies that as one security moves, either up or down, the other security will move in “lockstep,” in the same direction. A negative correlation close to –1 indicates that the securities have moved in the opposite direction. | |
| 4 | On average, our management fees were in the lowest quintile 66% of the time, based on the 20-year period ended December 31, 2020, versus comparable Lipper categories, excluding funds of funds. | |
Class F-2 shares were first offered on August 1, 2008. Class F-2 share results prior to the date of first sale are hypothetical based on the results of the original share class of the fund without a sales charge, adjusted for typical estimated expenses. Results for certain funds with an inception date after August 1, 2008, also include hypothetical returns because those funds’ Class F-2 shares sold after the funds’ date of first offering. Visit capitalgroup.com for more information on specific expense adjustments and the actual dates of first sale.
All Capital Group trademarks mentioned are owned by The Capital Group Companies, Inc., an affiliated company or fund. All other company and product names mentioned are the property of their respective companies.
ITEM 2 – Code of Ethics
Not applicable for filing of semi-annual reports to shareholders.
ITEM 3 – Audit Committee Financial Expert
Not applicable for filing of semi-annual reports to shareholders.
ITEM 4 – Principal Accountant Fees and Services
Not applicable for filing of semi-annual reports to shareholders.
ITEM 5 – Audit Committee of Listed Registrants
Not applicable to this Registrant, insofar as the Registrant is not a listed issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934.
ITEM 6 – Schedule of Investments
Not applicable, insofar as the schedule is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7 – Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 8 – Portfolio Managers of Closed-End Management Investment Companies
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 9 – Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.
ITEM 10 – Submission of Matters to a Vote of Security Holders
There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant’s board of trustees since the Registrant last submitted a proxy statement to its shareholders. The procedures are as follows. The Registrant has a nominating and governance committee comprised solely of persons who are not considered ‘‘interested persons’’ of the Registrant within the meaning of the Investment Company Act of 1940, as amended. The committee periodically reviews such issues as the board’s composition, responsibilities, committees, compensation and other relevant issues, and recommends any appropriate changes to the full board of trustees. While the committee normally is able to identify from its own resources an ample number of qualified candidates, it will consider shareholder suggestions of persons to be considered as nominees to fill future vacancies on the board. Such suggestions must be sent in writing to the nominating and governance committee of the Registrant, c/o the Registrant’s Secretary, and must be accompanied by complete biographical and occupational data on the prospective nominee, along with a written consent of the prospective nominee for consideration of his or her name by the nominating and governance committee.
ITEM 11 – Controls and Procedures
| (a) | The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded, based on their evaluation of the Registrant’s disclosure controls and procedures (as such term is defined in Rule 30a-3 under the Investment Company Act of 1940), that such controls and procedures are adequate and reasonably designed to achieve the purposes described in paragraph (c) of such rule. |
| (b) |
There were no changes in the Registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s semi-annual period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.
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ITEM 12 – Exhibits
| (a)(1) | Not applicable for filing of semi-annual reports to shareholders. |
| (a)(2) | The certifications required by Rule 30a-2 of the Investment Company Act of 1940 and Sections 302 and 906 of the Sarbanes-Oxley Act of 2002 are attached as exhibits hereto. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| CAPITAL GROUP CENTRAL FUND SERIES II | |
| By __/s/ Kristine M. Nishiyama____________________ | |
|
Kristine M. Nishiyama, Principal Executive Officer | |
| Date: January 31, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By __/s/ Kristine M. Nishiyama_________________ |
|
Kristine M. Nishiyama, Principal Executive Officer |
| Date: January 31, 2022 |
| By ___/s/ Brian C. Janssen __________ |
|
Brian C. Janssen, Treasurer and Principal Financial Officer |
| Date: January 31, 2022 |